Azerbaijan, Baku, Jan. 17 Trend M. Moezzi
When it signs a contract to develop the third phase of the joint Hengam field in the Persian Gulf, Iran will overtake Oman in exploiting the field, the Islamic Students News Agency (ISNA) reported.
Situated in Persian Gulf waters bordering Iran and Oman about 45 kilometers from Qeshm Islam, Hengam was discovered in 1975.
The field's second oil well was drilled in 2006 and its reserves were studied. The field holds more than 700 million barrels of oil and gas on an area totaling 2 trillion cubic feet.
Eighty percent of Hengam is Iran's, while the remaining 20 percent (which it calls West Bokha) is Oman's.
Iran sought for 13 years to partner with Oman in developing the field. It was unsuccessful.
Iran produces about 16,000 bpd of oil from the field. This production level will continue for five years and then drop over the field's 25-year lifespan to 5,000 bpd.
Gas production at Hengam will stay at 40 million cubic meters (mcm) for five years, increasing to 80 million mcm.