Iran has officially begun pumping crude oil from the Hengam oilfield shared with neighboring Oman in the Persian Gulf, after a $400mn two-year development, Press TV reported.
"The field is to produce ten thousand barrels a day of the finest and lightest of Iranian crude in the first phase, but its production level will reach 16 thousand barrels in two months," IRNA quoted Iranian Oil Minister Massoud Mirkazemi as saying on Tuesday.
He said Iran's oil ministry invested around $400 million in a record time of two years to develop the project.
All aspects of the project, including field studies, design, construction and installment of machinery and pipelines have been carried out by Iranian contractors without any foreign aid.
Energy officials in Tehran said in July that as much as 35 percent of the energy development budget in Iran will go toward the development of joint oil fields.
Iran shares oil fields with most of its neighbors in the Persian Gulf region as well as Turkmenistan.
The Hengam oilfield is located along the maritime border with Oman. Tehran said the field is estimated to hold nearly 600 million barrels of oil.