Iran, Oman to revive stalled gas field

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Iran's oil minister Javad Owji met with Oman's foreign and energy ministers in Muscat and discussed reviving a project to develop a shared gas field that has been stalled for almost 20 years.

The state-owned Islamic Republic News Agency reported on Saturday that Owji agreed to revisit a 2004 agreement to develop the gas layer of the Hengam field in the Persian Gulf. IRNA didn't cite a source.

The project, estimated to be worth around $1 billion a year in annual gas sales to Iran, originally involved laying a pipeline in the bed of the waterway to deliver 30 million cubic meters of Iranian gas daily to Oman, according to IRNA.

Owji's visit comes ahead of President Ebrahim Raisi's trip to the Sultanate, which has tried to maintain its ties with Iran throughout the security crisis in the Persian Gulf triggered by the Trump administration s withdrawal from the nuclear deal in 2018.

According to the National Iranian Oil Co., the Hengam field is estimated to hold some 700 million barrels of crude oil and two trillion cubic feet of natural gas and the National Iranian Oil Co., which manages Iran's share of the field.

Iran has the second largest proven gas reserves in the world, but its production capacity has been hampered by decades of underfunding and sanctions. Owji said last month that the sector requires $80 billion of investment.

Raisi's visit on Monday came as indirect negotiations between Tehran and Washington over how to restore that landmark accord remain stalled due to the US s designation of Iran's Islamic Revolutionary Guard Corps as a terrorist organization.

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