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TEHRAN, Aug. 24 (UPI) -- Iran will start producing crude oil from the Hengam oil field in the Persian Gulf on Tuesday, the head of an Iranian offshore oil company announced.
Mahmud Zirakchianzadeh, the head of the Iranian Offshore Oil Co., announced a decision to start producing oil from the field near the waters of the Strait of Hormuz. Oil production there during April testing reached 4,000 barrels of crude oil per day, he told the Islamic Republic of Iran News Network.
The director added that the field was developed entirely by domestic contractors as part of an effort to exploit oil and fields along Iran's shared borders.
Energy officials in Tehran said in July that as much as 35 percent of a federal energy development budget in Iran will go toward the development of joint oil fields.
Iran has shared oil fields with most of its neighbors in the Persian Gulf region as well as Turkmenistan.
The Hengam oil field is located along the maritime border with Oman. Tehran said the field holds nearly 600 million barrels of oil reserves.
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