The development of joint oil fields tops the Iranian president's plan in the Sultanate of Oman - Energy

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Cooperation in the field of energy and the development of joint oil fields tops the agenda of talks with Iranian President Ebrahim Raisi, who arrived in the Sultanate of Oman this morning.

On the sidelines of a major visit to Muscat, the Sultanate of Oman and Iran signed 8 memoranda of understanding and 4 cooperation programs in several fields, most notably oil, gas and transportation, according to the Iranian news agency.

joint oilfield development

The Sultanate of Oman and Iran have agreed to form a committee for the joint development of the Hengham oil field, which extends on the maritime borders of the two countries.

Iran has the longest maritime border with Oman, and the two countries signed, in 2005, a memorandum of understanding to jointly develop the Hengham oil field, but the agreement was not implemented, and Tehran decided to develop the field independently in 2012.

For his part, Iranian Oil Minister Javad Oji said that it was agreed to form a joint technical committee to develop the next stages of the Hengham oil field in a smooth manner between Iran and the Sultanate of Oman, Fars News Agency reported.

common oil fields
Part of the Iranian Oil Minister’s talks with the Omani Foreign Minister

joint exploitation

Oji, who held talks yesterday with Omani Energy Minister Mohammed bin Hamad Al-Ramahi, added that joint exploitation – in reference to the development of joint oil fields, as opposed to competitive exploitation – will benefit the two countries; Because this method reduces the damage to the reservoir, and allows more extraction.

Oji had arrived in Muscat on Sunday and held a number of meetings with officials in Oman, led by Foreign Minister Badr bin Hamad Al-Busaidi. They also agreed to revive a long-stalled project to build an undersea pipeline to transport gas to Oman.

During the meeting, they reviewed bilateral relations and cooperation between the two friendly countries in various fields and their development, especially those related to cooperation in the field of energy.

The project dates back to 2013, when the two countries signed a $60 billion 25-year deal under which Iran would supply gas to Oman via an undersea pipeline.

My main visit to Muscat

Economic cooperation is at the forefront of the Iranian president’s visit to Oman, on his fifth foreign visit since he took office in August, when he is accompanied by a delegation of 50 businessmen and executives.

Iran’s trade volume with Oman last year amounted to $1.3 billion, however, Raisi said before leaving for Muscat, that this trade volume does not reflect their full potential in various sectors of the economy.

Raisi arrived in the Sultanate of Oman this morning, Monday, for an official one-day visit, and was received by the Sultan of Oman, Haitham bin Tariq.

The visit is scheduled to discuss aspects of joint cooperation in various fields and common aspects between the two countries, in a way that contributes to achieving their interests and aspirations.

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