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India, Iran Poised to Strike Deal on Persian Gulf Farzad-B Gas Field in 3 Months

© REUTERS / Raheb Homavandi/FilesA gas flare on an oil production platform in the Soroush oil fields is seen alongside an Iranian flag in the Persian Gulf, in this July 25, 2005 file photo
A gas flare on an oil production platform in the Soroush oil fields is seen alongside an Iranian flag in the Persian Gulf, in this July 25, 2005 file photo - Sputnik International
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Indian Petroleum and Natural Gas Ministry announced that India and Iran agreed Wednesday they would aim to strike a deal early next year on the Farzad-B gas field in the Persian Gulf.

Oil rig - Sputnik International
Fuel for Future: India Receives First Emergency Crude Parcel From Iran
NEW DELHI (Sputnik) India and Iran agreed Wednesday they would aim to strike a deal early next year on the Farzad-B gas field in the Persian Gulf, the Indian Petroleum and Natural Gas Ministry announced.

"The two sides agreed to make their best endeavours to conclude the definitive agreement by February 2017," the Indian ministry said in a press release.

The Farzad-B natural gas field was discovered four years ago. It is estimated to hold 18.75 trillion cubic feet of gas, according to the latest estimates.

The Indian company ONGC Videsh, which has drilled an exploration well in the field, is expected to prepare a master development plan and detail a gas pricing formula.

India has been one of Iran’s largest buyers of crude oil, the Indian energy ministry said. The two countries also agreed, at a meeting in Tehran, to explore possibilities for Indian firms getting more development and production contracts from Iran.

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