India plans to invest $20 billion in Iran's Chabahar port and in the development of the major Farzad B offshore gas field project, according to a senior Indian official.

Indian companies have been in talks with Tehran since 2009 in the development of Farzad B gas field which is estimated to hold 21.68 trillion cubic feet (tcf) of in-situ gas, of which 12.8 tcf is recoverable, reported Iran Daily News.

Iran and India can swiftly improve relations in the oil and gas sectors in the new (post-sanctions) era, Dharmendra Pradhan, Indian Minister of State for Petroleum and Natural Gas, was quoted as saying in the report.

Pradhan was speaking at the Iran-India Joint Economic Forum held recently in New Delhi, India. Iranian Foreign Minister Mohammad Javad Zarif was also present.