"About two weeks ago we submitted a revised proposal for the development of Farzad-B gas field in line with the demand of Iranian authorities," Reuters quoted ONGC Videsh Managing Director N. K. Verma as saying late on Monday.
The head of the overseas investment arm of explorer Oil and Natural Gas Corp. added Iran and the consortium, which also includes Oil India and Indian Oil Corp., are soon expected to discuss the revised proposal.
According to the report, a consortium headed by Videsh discovered the gas field in the Farsi offshore block in 2008 but could not obtain the permission to develop it due to Western sanctions against Iran.
Earlier, Iran's Ambassador to India Gholamreza Ansari said India was 'first priority' to develop Farzad-B.
Indian companies have been in talks with Tehran since 2009 to develop Farzad-B gas field which is estimated to hold over 13 trillion cubic feet of recoverable gas.