India's ONGC Videsh, the overseas investment arm of explorer Oil and Natural Gas Corp, this month submitted a revised proposal seeking the development rights of Iran's giant gas field Farzad B, its managing director said on Monday.

A consortium headed by ONGC Videsh in 2008 discovered the gas field in the Farsi offshore block but could not obtain the permission to develop it due to Western sanctions against Iran's nuclear programme.

Last month's agreement between Iran and six world powers have cleared the way for an easing of sanctions, raising prospects for the gas field that is estimated to hold initial in-place reserves of 12.5 trillion cubic feed, with a lifetime of 30 years.

“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,” N K Verma told Reuters.

Verma said Iran and the consortium, which also includes Oil India and Indian Oil Corp, are soon expected to discuss the revised proposal.

In July Tehran offered a draft contract, known as the Iran Petroleum Contract (IPC), to a visiting Indian delegation. The new contract for the block is a mix of production sharing and service contract.

Iran's envoy to India Gholamreza Ansari last month said India was the "first priority" to develop Farzad B, but urged New Delhi to move fast as the "market will not wait". - Reuters