Fossil Energy – Hengan Oilfield
Iran and Oman have signed an agreement to jointly develop the shared Hengam offshore oilfield in the Strait of Hormuz.
The deal is aimed at preparing a Master Development Plan (MDP) for the joint oilfield, and different scenarios for further development and bilateral co-operation on the exploitation of the field, Shana, the Iranian Oil Ministry’s news service, reported last Monday.
This is the first agreement on co-operation between Iran and a neighbouring country in a shared field.
The agreement to develop the Hengam oilfield, which straddles Iran and Oman’s offshore waters, follows a bilateral memorandum of understanding signed last year.
