OVL Discovers Gas In Iran''s Farsi Block

New Delhi: ONGC Videsh Ltd (OVL) remains with its success in Iran''s Farsi offshore block. The overseas investment arm of ONGC struck gas in the fourth well on the block recently. It has already discovered oil in the three previous wells. OVL and its partners will now present a development plan to the Iranian authorities to start production. The in-place reserves are estimated at around 10 trillion cubic feet and oil reserves at one billion barrels. On the expenditure made by the company during the exploration phase, Iran will pay 35 per cent rate of return.