TEHRAN-“In case undergoing technical negotiations with Indians bear fruit, the agreement on development of Farzad-B gas field will be signed by the end of 2016,” said National Iranian Oil Company (NIOC) Managing Director Rokneddin Javadi.

The official said that a group of Indian companies are currently assessing different projects in Farzad-B and will present their findings to NIOC for final decisions, the Shana news agency reported on Tuesday.

Endorsing oil contracts is usually a time-consuming process, Javadi noted.

According to the NIOC’s managing director, Iran has recently made a deal with a German company, Wintershall Holding GMBH, and the company will commence its studies on four oil fields in west of Iran within a month.

About a month ago, Iran and India agreed to sign a contract to develop Farzad-B gas field in the Persian Gulf by October.

Companies involved in the deal were given deadlines to complete negotiations.

Farzad-B, with estimated reserves of 12.8 trillion cubic feet of gas, was opened in 2008 by a consortium of three Indian companies: ONGC Videsh, Oil India and Indian Oil.

The field has been left undeveloped due to international anti-Iran sanctions that have gradually begun to be lifted this year.

HJ/MA