Iran has promised India the licence to develop ONGC-discovered Farzad-B gas field in the Persian Gulf.
A consortium of ONGC Videsh Ltd (the overseas arm of Oil and Natural Gas Corp), Oil India Ltd and Indian Oil Corp had discovered the 12.8 Trillion cubic feet of gas reserves in the Farsi block in 2008.
Indian firms had so far shied away from investing in Iran for the fear of being sanctioned by the US and Europe.
OIL Director B Roy said, Iranian authorities have asked for the development plan at the earliest. Also how the gas produced is to be used – exporting via onland or under-sea pipeline to India or converting it into LNG for shipping it outside has to be detailed.