India and Iran are planning to reach an agreement for Farzad B gas field by March 2017.
The estimated in-place reserves of the Iranian gas field is 18.75 trillion cu ft.
ONGC Videsh (OVL) is working on a pricing formula and is also preparing a master plan for development of the gas field.
A consortium lead by ONGC Videsh -- also including Oil India and Indian Oil Corporation -- was unable to obtain approval to develop the field due to Western sanctions against Iran's nuclear programme. However, those sanctions were removed in earlier 2016.