OZ agency believes missing MH370 flight will be found near "7th arc"

The Australian agency leading the search for missing Malaysia Airlines flight MH370 believes that the jet would be found in the southern Indian Ocean.

The Australian Transport Safety Bureau, working in conjunction with a team of international investigators, said further analysis of the satellite data available on the flight's path "confirms that MH370 will be found in close proximity" to a specific corridor identified as the "7th arc", CBS reports.

The ATSB, on Friday, said in a statement that the plane is considered to have exhausted its fuel and to have been descending at the time it reached this specific arc.

Earlier, the ATSB said that the new data analysis would be useful in narrowing down the search in the coming weeks.

The Australian authorities have said that the chosen contractor will be allocated no more than 300 days time to find the missing Malaysia Airline flight MH370.

With the search for the ill-fated jet about to enter its third month, no trace of the missing plane has been found yet.