Oman, Iran sign cooperation deals in oil, gas sectors

Oman and Iran have signed eight memorandums of understanding and four cooperation programs in sectors including oil and gas and transportation, Oman’s state news agency reported on Monday.

The agreements were signed during a visit by Iranian President Ebrahim Raisi to Muscat to meet with Oman’s Sultan Haitham bin Tariq al-Said.

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Earlier, Iran and Oman 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 decided to develop the field independently in 2012.

“As the first basis of my talks with Omani Oil Minister Mohammed bin Hamad Al-Rumhi, it was agreed to form a joint technical committee to develop the next phases of the Hengam oil field in a seamless manner between Iran and Oman,” Owji said.

“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,” the oil minister added.

Last week, Iran’s state news agency IRNA reported that Owji had agreed to revive a long-stalled project to lay an undersea pipeline to carry gas to Oman.

Read more: Iran to revive gas pipeline project to Oman: IRNA