Iran, Oman to Jointly Develop Hengam Oilfield in Persian Gulf
The agreement was signed in the presence of Iranian President Ebrahim Rayeesi and Omani Sultan Haitham bin Tariq Al Said in Tehran.
Based on the agreement, a Master Development Plan will be prepared to review scenarios for mutual cooperation on exploitation of the joint oilfield.
The agreement followed memoranda of understanding signed during last year’s Oman visit of Iran’s Oil Minister Javad Owji who had accompanied President Rayeesi
Located in the Strait of Hormuz and to the East of the Persian Gulf, Hengam oil field is estimated to hold 700 million barrels of crude oil and 2 trillion cubic feet of natural gas.
In 2005, Iran and Oman signed an MoU to jointly develop the Hengam oil field, but the agreement did not come into effect forcing Iran to begin to develop its part of field in 2012.
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