India’s OVL, Iran’s Petropars Want Stake in Iranian Kish Block

TEHRAN (FNA) ONGC Videsh Ltd (OVL), a unit of India’s largest exploration company Oil and Natural Gas Corp (ONGC), and Iranian oil major Petropars have approached National Iranian Oil Co (NIOC) about taking a stake in the USD 30bln Kish gas block in Iran.

OVL has estimated reserves of almost 7 trln cubic feet (tcf) of gas and 1 bln barrels of oil in this block, a report by the Economic Times said.

It quoted ‘sources in the know’ as saying OVL and Petropars have approached NIOC, Petropars’ parent, for joint development of Kish.