According to the schedule, the studies on Hengam field will end before May 22 and the PEDCO will put the MDP top on agenda thereafter.

According to the report of Iran’s Oil Engineering and Development Company (OEDC) on Hengam, 32.76 million dollars and 20 billion rials (2.1 million dollars) have been so far spent for the studies on the gas field, equaling to 92.52 percent of the predicted cost.

PEDCO also reported that the project had totally made a 98.57 percent progress and its geological model had been prepared, awaiting the finalization process.

The offshore Hengam gas field, which is shared with Oman, is located 20 kilometers off Qeshm Island. With 150 million barrels of gas condensates, Hengam is of great capacity.

Iran and Oman have been discussing the joint development of the field since last summer.

The project’s drilling operations were completed last November, which included the drilling of six wells.

PEDCO is a subsidiary of NIOC which is active in the upstream part of oil and gas projects in the Persian Gulf.