A senior government official says the idea is to facilitate mutually beneficial ways to keep the supply going.
Iran is the second largest supplier of oil to India after Saudi Arabia.
National security adviser Shivshankar Menon held consultations with officials from the ministries of finance, petroleum and external affairs, and the Reserve Bank on Thursday.
Hectic parleys took place subsequently in the finance ministry, involving officials from the department of economic affairs and the central bank.
All this will be followed by a visit of a team of Indian officials to Iran in the middle of this month.
About 80 per cent of the country's crude oil requirement is imported and about 12 per cent of it comes from Iran.
Of the total imports of 163.59 million metric tonnes, Indian oil refining companies together imported 18.50 million metric tonnes of crude oil in 2010-11 from Iran.
Though officials involved in the process were tight-lipped about the steps being envisaged due to the sensitivity of the issue, they indicated certain facilitating measures associated with foreign investment norms were expected to be put in place soon.
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