Fugro's seismic ship, GeoBaltic, recently sailed from Sharjah port to the Farsi block offshore Iran to begin seismic data acquisition work.
The Farsi block was awarded to a consortium of Indian public sector oil companies, led by ONGC Videsh Limited (OVL, 40 percent) and comprising Indian Oil Corporation (IOC, 40 percent) and Oil India Limited (OIL, 20 percent).
The block already has two oil discovery wells and is estimated to have hydrocarbon potential in excess of 500 million barrels. The block covers an area of 3500 square kilometers in the Persian Gulf with water depths ranging from 20-90 meters. The block was awarded to the Indian consortium in October 2003.