It is reported that Indian petro major ONGC Videsh Limited is set to sign a deal with Iranian oil major Petropars for a stake in the USD 30 billion discovered Kish gas block in Iran even as it filed its first ever commerciality report on the Farsi block.

The two partners, OVL and Petropars, have approached the National Iranian Oil Company for joint development of the Kish gas field, having 48 trillion cubic feet in place gas reserve.

According to sources within the Iranian government, the value of natural gas and gas liquid products of Kish block is estimated to be around USD 30 billion. It is said the recovery factor of Kish field is around 75% with around 36 trillion cubic feet of recoverable gas.

OVL has estimated reserves of almost 7 trillion cubic feet of gas and 1 billion barrels of oil in this block, which will soon be taken up for development.