"The document signed called for joint investment in the development and
exploitation of this gas field and is valued at $7 billion, which could
increase to up to $12 billion," Iranian Vice President Parviz Davoudi said.
Iran and Oman have also discussed developing of the Hengam gas field.
The field, located along the Omani-Iranian border, was said to contain two
trillion feet of gas.
The signing marked closer cooperation between Oman, a pro-U.S. Gulf
Cooperation Council state, and Iran. In June 2007, Iran signed an agreement
to export one billion cubic feet of gas to Oman.