"As the first basis of my talks with Omani Oil Minister Mohammed bin Hamad al-Rumhi, it was agreed to form a joint technical committee to develop the next phases of the Hengam oil field in a seamless manner between Iran and Oman," said Owji who visited Oman ahead of President Seyed Ebrahim Rayeesi's Monday visit to the sultanate and agreed to revive a long-stalled project to lay an undersea pipeline to carry gas to Oman.

"Joint exploitation, in contrast to competitive exploitation, will be mutually beneficial to both countries as this method leads to less damage to the reservoir and allows for more extraction," he added.

Iran has its longest maritime border with Oman with which it has maintained the most sustained coexistence over the past five decades.

The two countries signed a memorandum of understanding in 2005 to jointly develop the Hengam oil field but the agreement did not materialize.

The project dates back to 2013 when the two countries signed a deal, valued at $60 billion over 25 years, for Iran to supply gas to Oman through an undersea pipeline. 

President Rayeesi took his “economic diplomacy” to Oman on his fifth foreign visit since taking office in August.

A delegation of 50 business actors and executives are accompanying him in the visit.