Hangam Gas Field is the last shared field, whose development operations have begun with delay mainly due to unprepared offshore derricks. Located 20 kilometers from the Qeshm Island, Hangam Gas Field is shared by Iran and Oman. Preliminary studies indicate that this field contains remarkable gas condensates. Experts say development of shared fields requires equipment and facilities. Offshore drilling equipment represents the most important ones for carrying out exploration and development in offshore fields. Regarding Hangam, the foreign party has not met its commitments. A subsidiary of the Oil Industries Engineering and Construction Company (OIEC) has signed an agreement with a Norwegian company for the procurement of Neptune Marine offshore derrick. The foreign company had to transfer the derrick to the field off Persian Gulf waters in three months, but it did not do so and the project was delayed. NIOC undertook huge efforts for quick development of Hangam field and it had to negotiate with domestic companies. It is notable that the majority of our problems result from the shortage of offshore derricks due to high prices in the world. The Petroleum Engineering and Development Company had earlier announced that some derricks could not be used in Hangam due to regional conditions. In the end, Petroiran Development Company, currently operating oil and gas projects in the country, agreed to undertake drilling work in Hangam. Committed to operating oil and gas projects, Petroiran began its work to spud its first appraisal well in Hangam last December. Six months are needed for completing drilling operations in the first appraisal well in Hangam. A major development plan (MDP) is to be drafted for holding a tender for development of Hangam Gas Field. Analysts believe that any further delay in development of Hangam would leave irreparable consequences, because it is a shared field. Petroiran has promised to accelerate work for developing Hangam Gas Field.