The deal, which could be worth around $1 billion based on the valuation of a recent stake purchase, is expected to take final shape during Prime Minister Narendra Modi's visit to Moscow next week for summit talks with President Vladimir Putin, said the sources with direct knowledge of the situation.

Iran has agreed a $3 billion contract with a consortium of Indian companies to develop the Farzad B gas field in the Persian Gulf, according to the Mehr news agency. The managing director of ONGC Videsh, the Indian company heading the partnership, said they had not yet been notified about the development.

India's production will tail off due to limited resources and relatively high costs for new projects, leading to more imports as economic growth picks up speed.

The foreign investment arm of India's top oil explorer ONGC is targeting $10-$12 billion of oil and gas asset purchases over the next three years, including more corporate acquisitions, its managing director said.

India is ready to invest more than $15.2 billion to build projects in Iran including taking up full-scale development of Chabahar Port if Tehran offers better terms including cheaper gas, Shipping Minister Nitin Gadkari said on Wednesday.

India’s Oil & Natural Gas Corp.(ONGC) is reportedly negotiating with Russia’s Rosneft to purchase a share of the Vankor oil field in East Siberia, indicating that the increase in production wanted by the Russian company could come hand in hand with stronger ties with foreign companies.

The six nations that make up Central Asia hold at least 11% of the world’s proven natural gas reserves, as well as substantial deposits of oil and coal, according to data compiled by BP. Afghanistan says its mineral wealth is valued at $1 trillion to $3 trillion.

Imports by Iran's four biggest buyers - China, India, Japan and South Korea - totaled 1.17 million barrels per day (bpd) last month, up more than 13 percent from a year earlier, government and tanker-tracking data showed.

State-owned Indian Oil Corp (IOC) on Friday said it has signed an interim agreement to buy 0.7 million tonnes (MT) per year of LNG from US on a long-term contract beginning 2018.

Prices have also risen with internationally traded Brent recovering from a six-year low near $45 a barrel in January to $64.90 on Wednesday.