India’s Oil and Natural Gas Corp (ONGC) plans to spend more than $3 billion develop the giant Farzad B gas block in Iran, a top official was quoted as saying in media reports.

ONGC Videsh expects to produce between 1 billion and 1.6 billion cu ft per day of gas in five years from the block, N K Verma, the company’s managing director was quoted in Oman Observer, which cited Reuters.

The company also expects to raise production during the fiscal year ending in March 2018 to 14 million tonnes oil equivalent, up from 12 million tonnes in the fiscal year of 2017, the official said, highlighting plans to invest $45 million to produce from gas wells owned by Imperial Energy, which ONGC Videsh acquired in 2008.