Tehran and Delhi to sign Farzad-B agreement in October

New Delhi and Tehran will sign a contract to develop Iran's Farzad-B gas field in October 2016. This was announced in a joint document after a meeting between the Indian Minister of Oil and Gas, Dharmendra Pradhan, and his Iranian counterpart, Bijan Zanganeh.

"Both sides agreed to discuss a development plan and the financial and commercial terms of Farzad B in a time-bound manner, so as to conclude the discussions and consider awarding the development contract to ONGC Videsh-led consortium by October 2016," RIA Novosti cited the document with reference to the Indian Express.

The ONGC Videsh-led consortium of Indian oil exploration companies (Oil India and Indian Oil) had discovered the Farzad-B gas field with 12.8 trillion cubic feet of gas in 2008.