ONGC makes big oil, gas find in Iran – paper

Reuters: Oil and Natural Gas Corp. (ONGC) and its partners have found natural gas reserves of up to 10 trillion cubic feet and 1 billion barrels of oil in a block in Iran, the Economic Times said in an unsourced report on Wednesday. MUMBAI (Reuters) – Oil and Natural Gas Corp. (ONGC) and its partners have found natural gas reserves of up to 10 trillion cubic feet and 1 billion barrels of oil in a block in Iran, the Economic Times said in an unsourced report on Wednesday.

The paper said testing work in the Farsi block was still being done and the actual extent of the reserves was not yet ascertained.

An ONGC spokesman could not comment on the report immediately.

The block is operated by ONGC Videsh, the overseas arm of state-owned ONGC, along with India’s top refiner Indian Oil Corp. Ltd. and smaller explorer Oil India Ltd.

Last year, Iran said ONGC Videsh had found oil in the Farsi block.

“We have made a discovery in the Farsi block. The assessment process is on and we will have a fair idea on the reserves only after it is completed,” the paper quoted R.S. Butola, managing director at ONGC Videsh as saying.