India’s Oil and Natural Gas Corporation ONGC Videsh is aiming to invest $6b in the giant Iranian natural gas field, Farzad-B, and spend more $5b to build a liquefied natural gas export facility. The field is estimated to hold reserves of almost 19tcf, according to RT.

“We have given our best offer to them. Now, it is up to them to agree or not agree,” the company’s Managing Director, Narendra Kumar Verma, stated. “We have told the Iranian authorities very clearly that some basic returns are necessary,” Verma added.

The consortium, which includes Indian Oil Corp and Oil India, has been trying to secure development rights to the Iranian Farzad-B gas field since 2009, Trade Arabia informed.