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Source: Radio Free Europe/Radio Liberty (RFE/RL)

August 24, 2010

August 24, 2010 Iran has begun production on an oil field shared with Oman in the Persian Gulf’s Strait of Hormuz.

Iranian state-run television quoted Mahmud Zirakchian, the head of Iran’s offshore oil company, as saying oil is now being extracted from the Hengam oil field.

He said preparatory work on the joint field began in April and it is now producing some 7,000 barrels of crude per day (bpd).

The joint field is reportedly near the Iranian island of Hengam and 80 percent of it belongs to Iran.

Iran shares 18 oil and gas fields with neighboring countries, including Oman, in the Persian Gulf region.

The field, which was discovered in 1975, has estimated reserves of 600 million barrels of light crude oil.

Iran is the second-largest oil producer in the Organization of the Petroleum Exporting Countries (OPEC) after Saudi Arabia.

In 2009, Iran’s crude production stood at approximately at 3.8 million bpd.

compiled from agency material