Iran and India are expected to finalize financial and investment models on the expansion of Iran’s Farzad B joint gas field with Saudi Arabia, with estimated reserves of 12.8tcf of gas, in September, Shana reported.

The agreement is scheduled to be negotiated with India’s Oil and Natural Gas Corporation (ONGC), Oil India, and Indian Oil Corporation, and signed in Tehran. The project was revived in April 2016 and talks were underway since with ONGC on a financial model for sharing of gas recovery from the field, after it had been stalled for almost 14 years due the sanctions imposed on Iran, said GD of Pars Oil & Gas Company, Ali Akbar Shabanpour, Mehr News Agency informed.

Iranian Minister of Oil, Bijan Zanganeh, emphasized that “expansion of Farzad B remains as the only project to be undertaken by a foreign company.”

In 2002, the Indian consortium agreed to invest $4-5b in the first phase of the project to extract 1.1bcf of natural gas from the field, however, no final contract has been inked between the two sides.