Bagchi also informed that the involvement of the Indian consortium is underway and the authorities are in touch with their Iranian counterpart.
Iran has recently awarded a contract for developing the significant reserve to a local company.
"The National Iranian Oil Company (NIOC) has signed a contract worth $1.78 billion with Petropars Group for the development of Farzad B Gas Field in the Persian Gulf," the Iranian oil ministry's official news service Shana reported.
"The deal was signed on Monday, May 17, in a ceremony held in the presence of Iranian Minister of Petroleum Bijan Zangeneh in Tehran," it further said.
The Farzad B gas field holds 23 trillion cubic feet of in-place reserves, of which about 60% is recoverable. It also holds gas condensates of about 5,000 barrels per billion cubic feet of gas.
The buyback contract signed envisages daily production of 28 million cubic meters of sour gas over five years, Shana added.