Indian oil firms plan to invest $3 billion to develop gas fields in Iran, which are estimated to have recoverable gas reserves of 12.8 trillion cubic feet, a senior source at Indian Oil and Natural Gas Corporation (ONGC) said.

"So far, we have invested $90 million and if we are allowed to develop the field, we would be investing around $3 billion," the official - who asked not to be identified - told reporters.

"In December 2007, we submitted a gas commerciality report with Iranian authorities," he added.

Maktoob, Jordan, June 13, 2008