Iran may offer Indian oil firms equity in its oil and gas fields in return of New Delhi agreeing to buy natural gas from it.
"We welcome Indian companies to come and invest in our oil and gas fields," visiting Iranian Deputy Oil Minister Seyed Mohammad Hadi Nejad-Hoseinian said after a meeting with Petroleum Minister Ram Naik in New Delhi.
Naik, who is visiting Tehran next week to finalise cooperation between the two countries in oil and gas sector, said, "they are keen to sell us liquefied natural gas. We also require LNG. We are also in need of oil fields. We will explore if they can give us a discovered or a proven field under development."
Refusing to elaborate, the Iranian minister said many projects for mutual cooperation were being discussed but no specific details have been finalised for any.
Naik described the response of Iranian delegation, which is visiting India to prepare the groundwork for the next week's visit of Indian delegation to Iran, as "very positive."
"My visit to Iran on May 12-13 would mainly focus on exploring possibility of importing LNG as also to review the progress of feasibility study for laying Indo-Iran pipeline via sea route," he said.
Iran has offered India 2.5 million tonnes of LNG. As if recognising New Delhi's concern over the safety of pipeline passing through Pakistan, Teheran has been deliberately avoiding mention of the much-talked on land version of the Indo-Iran gas pipeline.
Naik said India was short of natural gas and wanted it from Iran. "Whether it is through a pipeline or LNG that has to be finalised."