May 23, 2022 08:32 GMT
Iran and Oman are set to form a committee to jointly develop the Hengam oilfield which covers both countries sea borders according to Iran’s Fars news agency.
- The countries signed an MOU in 2005 to develop the field which failed to progress. Iran developed the field independently in 2012.
- “Joint exploitation, in contrast to competitive exploitation, will be mutually beneficial to both countries as this method leads to less damage to the reservoir and allows for more extraction,” according to Iranian oil minister Javad Owji.
- Over the weekend, the countries were reported to have agreed to revive a long-delayed project to send gas from Iran to Oman furthering energy deals between the nations.