"About two weeks ago we submitted a revised proposal for the development of Farzad-B gas field in line with the demand of Iranian authorities," Reuters quoted Managing Director of ONG Videsh N. K. Verma as saying late on Monday.
Head of the overseas investment arm of explorer Oil and Natural Gas Corp added Iran and the consortium, which also includes Oil India and Indian Oil Corp, are soon expected to discuss the revised proposal.
Accoridng to the report, a consortium headed by ONGC Videsh in 2008 discovered the gas field in the Farsi offshore block but could not obtain the permission to develop it due to Western sanctions against Iran.
Earlier, Iran’s envoy to India Gholamreza Ansari said India was “first priority” to develop Farzad-B.
Indian companies have been in talks with Tehran since 2009 for developing the Farzad-B gas field, estimated to hold over 13 trillion cubic feet of recoverable gas.