Iran and Oman have agreed to form a committee to jointly develop the Hengam oilfield, which straddles both countries’ sea border, Iran’s semi-official Fars news agency reported its oil minister Javad Owji as saying on Monday. In 2005, both countries signed a memorandum of understanding to jointly develop the Hengam oil field but the agreement did not materialize and Iran
Minister of Petroleum Javad Owji says Iran agreed to form a committee with Oman to jointly develop the Hengam oilfield, which straddles their sea border.
Iran's oil minister Javad Owji said that "it was agreed to form a joint technical committee" with his Omani counterpart to "develop the next phases of the Hengam oil field in a seamless manner", as per the first basis of talks between the two.
OPEC and its allies don’t want crude prices to climb to $100 a barrel, and are reviving production quickly enough to prevent global markets from “overheating,” Oman’s oil minister said.