Iran, Oman to cooperate in oilfield improvement

(MENAFN) Iran and Oman have been thoroughly looking into the joint development of the shared Hengam oilfield, according to officials from both sides.

The National Iranian Oil Company has set a standard for its deals in preferring cooperation over competition, and made it clear that this not about to change anytime soon.

The field, 80 percent of which lie in the Iranian territory, is estimated to contain 700 million barrels of oil and 56 billion cubic meters of gas, with Iran currently drawing 15,000 bpd.

Iranian Offshore Oil Company's crude production is near 500,000 barrels per day, but the firm aims to raise the yield by 32,000 barrels in the short run, as stated by company's spokesman.


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