India’s ONGC Videsh Ltd (OVL), the overseas arm of state-owned Oil and Natural Gas Corp (ONGC), has offered up to $11 billion to develop the Farzad B gas field in Iran, a report said.
 
The offer involved an integrated package comprising both producing gas at the field and cooling it into liquefied natural gas (LNG) for exports, reported Iran Daily, citing Business Standard.

The investment includes $5.8 billion for developing Farzad B and another $5 billion to build a facility to liquefy the gas and export it as liquefied natural gas (LNG).

"We will get the project the day we accept their conditions. But for me to go ahead and make such investments, it has to bring reasonable returns and making economic sense," Narendra Verma, OVL managing director was quoted as saying in the report.