The MoU was signed during the two-day state visit of Oman's Sultan Haitham bin Tariq Al Said to Tehran and in the presence of Iranian President Ebrahim Raisi.
Under the agreement, Iran and Oman will jointly explore and study the Hengam oil and gas field and prepare a comprehensive development plan for the field using domestic and international resources.
Located in the Strait of Hormuz and to the east of the Persian Gulf, Hengam oil field is estimated to hold 700 million barrels of crude oil and 2 trillion cubic feet of natural gas.
In 2005, Iran and Oman signed a MoU to jointly develop the Hengam oil field, but the agreement did not come into effect forcing Iran to begin to develop its part of field in 2012.
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