A consortium headed by ONGC Videsh Ltd (OVL), the overseas investment arm of Indian explorer Oil and Natural Gas Corp, discovered the Farzad B gas field in the Farsi offshore block in 2008. 

The consortium, which also includes Oil India and Indian Oil Corp, could not obtain permission to develop the field due to Western sanctions against Iran's nuclear programme, but those sanctions were removed earlier this year.

 OVL is preparing a master plan for development of the gas field, while also working on a pricing formula, the statement said.

India is the second largest buyer of Iranian oil after China, and New Delhi is seeking ways to deepen trade ties with Tehran now that sanctions have been lifted.

Other nations are exploring new ventures with Iran but caution is the key with some still seeing Iran as a state sponsor or terrorism.  Fears can materialize into stopping other nations from embarking on newer frontiers. 

International powers should reassure others of their intent to secure relations and foster trust factors such as currency and trade.