Citing junior petroleum minister Jitin Prasada, Indian government is in the process of finalizing the master development plan with National Iranian Oil Co. for the Farzad-B gas field, located in Iran's Farsi block.

"Preliminary estimated investment as per the master development plan would be about $5.5 billion for sales gas option wherein gas production is contemplated for a period of 30 years," Prasada was quoted as writing in a reply to a lawmaker's query in the lower house of Parliament.

The Farzad-B gas field is estimated to contain 12.5 Tcf of gas reserves and is being commercially developed by a consortium comprised of ONGC Videsh Ltd., Indian Oil Corp. Ltd., Oil India Ltd. and NIOC.