Iran News ...


Increase in Iran-Japan Azadegan oil contract value likely

TEHRAN, July 24 (Mehr News Agency) - By the end of summer, the deadline is up and Japanese INPEX needs to get back to negotiation table as the National Iranian Oil Company (NIOC) has tentatively agreed to pay 25-35 percent more on the top of the $4b Azadegan oil contract.

Marred by various economic and political hues in recent months or even further back, Iran and Japan seem to be finally out to talk business again on the deal.

In the meantime, some talks are on the go and Iran is going to make the deal contingent upon receiving 10,000 to 15,000 bpd in the initial phase.

The second phase was agreed at 260,000 bpd and more may come out of that once both sides decide to finalize the contract.

Total and Statoil are out because of the U.S. pressure. Japanese are under the same political stress. However, they may know how to talk to their main ally.

In-place is 30-35b barrels of oil reserve in this southwestern oilfield of Iran. Not a bad deal for these two Asian friends to get some money pumped into their economies.

... Payvand News - 7/25/06 ... --

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