Project today reported that ONGC Videsh is negotiating with the Iranian government to explore an oil block near the Caspian Sea in the northern part of the country. It is learnt that the Chinese company Sinopec is also in the race for the block.

As per report, OVL along with Oil India and Indian Oil Corporation has discovered oil and gas in the offshore Farsi block in Iran. The company is also seeking other oil and gas blocks in Iran, particularly in the South Pars field.