Indian Petroleum and Natural Gas Ministry announced that India and Iran agreed Wednesday they would aim to strike a deal early next year on the Farzad-B gas field in the Persian Gulf.

NEW DELHI (Sputnik) � India and Iran agreed Wednesday they would aim to�strike a deal early next year on�the Farzad-B gas field in�the Persian Gulf, the Indian Petroleum and Natural Gas Ministry announced.

"The two sides agreed to�make their best endeavours to�conclude the definitive agreement by�February 2017," the Indian ministry said in�a press release. The Farzad-B natural gas field was discovered four years ago. It is estimated to�hold 18.75 trillion cubic feet of�gas, according to�the latest estimates.

The Indian company ONGC Videsh, which has drilled an exploration well in�the field, is expected to�prepare a master development plan and detail a gas pricing formula. India has been one of�Iran�s largest buyers of�crude oil, the Indian energy ministry said. The two countries also agreed, at�a meeting in�Tehran, to�explore possibilities for�Indian firms getting more development and production contracts from�Iran.

By Sputnik