Iran will begin negotiations with neighbouring Oman on joint production from an offshore gasfield once it completes its own independent exploration studies, the Iranian Oil Ministry's information network says.

"Iran and Oman's exploratory activities at Hengam gasfield will take place independently to determine the reservoir's limits and its commonality," said National Iranian Oil Co managing director Mehdi Mirmoezzi.
The Hengam gasfield, jointly owned by Iran and Oman, is located in the Straits of Hormuz, he said.
He said only after the exploration is completed and the field's joint ownership and commercial viability is determined, can the two countries begin negotiation on joint production.
Iran has already drilled an exploration well on its own segment of the gasfield and plans are under way for drilling a second well at a cost of $20 million.
Mirmoezzi said the outcome of three dimensional seismological assessment indicated the existence of high-quality condensates.