The company is rigorously pushing for development rights to the offshore field after losing them due to dawdling under US pressures.
Managing Director of ONGC Videsh N. K. Verma said his company had submitted the revised plan about two weeks ago in line with the demand of Iranian authorities.
The Farzad-B field in the offshore Farsi block is estimated to hold 12.8 trillion cubic feet of gas reserves.
A consortium of three Indian companies discovered the field in 2008, winning the right to its development. But Iran had to put Farzad-B in the list of projects for tender last year after the Indians dragged their feet on its development.
Oil India Ltd, a member of the consortium, saidlast week that it had been given assurances by Iranian energy officials to be allowed back to the field.
Last months conclusion of nuclear talks between Iran and the West and a rash of interest shown by international energy companies in fresh business in the Islamic Republic has prompted the Indians to press Tehran for the field.
Verma said Iran and the consortium, which also includes Indian Oil Corp, are soon expected to discuss the revised proposal, Indias biggest business daily, the Economic Times, reported on Monday.
It quoted Iran's envoy to New Delhi Gholamreza Ansari as having said last month that India was the "first priority" to develop Farzad-B but urged the country to move fast as the "market will not wait".
India has also discussed reviving a deal signed in 2005 to buy 5 million metric tons of liquefied natural gas (LNG) from Iran, Oil Minister Dharmendra Pradhan said.
By Press TV
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