Nicosia, Nov 18 - The National Iranian Oil Company (NIOC) has formally approved the feasibility report submitted by ONGC Videsh Ltd (OVL) and its consortium partners on the discovery made in Iran''s Farsi offshore block, which covers an area of 3,5000 sq km.
The feasibility report was submitted by OVL and its partners - the Indian Oil Corporation (IOC) and Oil India Ltd last December.
Following this development, the consortium of Indian companies led by OVL, can now work towards the development of the gas field. Iran follows a bidding mechanism for giving development rights.