TEHRAN — The development of the Persian Gulf Hengam Gas Field will begin once the National Iranian Oil Company (NIOC) approves the results of the studies on reserves, ISNA quoted the managing director of the Petroiran Development Company (PEDCO) as saying on Tuesday.

“PEDCO is currently conducting studies on Hengam’s reserves and preparing the Master Development Plan (MDP). The MDP and the results of the studies will then be presented to NIOC for final approval,” Mostafa Khoyi elaborated.

After being okayed by NIOC, the development of the field will be started, the official noted, adding that the project is now 97 percent complete in terms of studies and preparation of the MDP.

The offshore Hengam Gas Field, which is shared with Oman, is located 20 kilometers off Qeshm Island. Iran and Oman have been discussing the joint development of the field since last summer.

Khoyi went on to say that the construction and installation of a well-head platform for the South Pars Oil Layer Project will be finished within a year. “The project’s drilling operations were completed last November, which included the drilling of six wells,” he explained.

He added that a contract on the construction and installation of this platform was signed with the Offshore Industries Company (SAFF) in mid January. Also, another contract for the studies on pipelines has been inked with a British company, Khoyi stated, but gave no further details.

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