The field in the Farsi block was discovered by a consortium of 3 Indian companies: ONGC, Oil India Limited and Indian Oil Corp. in 2008.
Farzad-B field has an in-place gas reserve of 21.7 trillion cubic feet, of which 12.5 Tcf is believed to be recoverable.
The Indians were supposed to develop the field after its exploration, but they stopped their activities after the U.S. intensified sanctions on Iran in 2012.
With the lifting of the sanctions, India once again called for the development of Farzad-B by ONGC Videsh.
In May 2019, Iranian Oil Minister Bijan Zanganeh said Iranian oil ministry had prepared a plan for financing the project and the framework of the contract was going through final editions.
NIOC asked Indians to submit a technical plan and then a financial proposal for the development of the field, however, after submission Iran did not agree with the other side's financial proposals.
Later in August 2019, Karbasian had announced that Iran was not going to wait for India on developing Farzad-B gas field, and soon the project would know its operator.