TEHRAN - India is going to present a $3-4 billion plan for developing Farzad B gas field to Iran next week after Tehran reduced the scope of the project, Reuters reported on Friday quoting two sources familiar with the matter.

Iran reduced the scope of the development plan for its Farzad B gas field in the Persian Gulf at a meeting in New Delhi in February, and asked India to submit a revised proposal, said the two sources, who did not wish to be identified due to the sensitivity of the matter.

India and Iran will discuss the revised development plan for the field next week, during Iranian Oil Minister Bijan Namdar Zanganeh’s visit to New Delhi.

According to the sources, the new bid would be between $3 billion and $4 billion and would not include gas processing and development of downstream projects.

The new terms confine Indian companies to just production of gas and development of the field.

The two countries have been trying to narrow differences over Farzad B development rights since its discovery by Indian firms led by ONGC Videsh, the foreign investment arm of Oil and Natural Gas Corp, in 2008.

“As the negotiations are still ongoing, we would not like to comment at this stage,” ONGC Videsh said in response to a Reuter’s email seeking comments.

EF/MA