Japan gains funding for Azadegan oil field development

04/19/2004
Japanese officials appear to have weathered yet another crisis in their continuing efforts to secure a deal with Iran for the development of its giant Azadegan oil field.The field, located some 80 km west of the city of Ahvaz in Khuzestan province near the Iraqi border, is believed to be the largest onshore project in the post-1979 Islamic Revolution. Iranian officials estimate that Azadegan contains 35-45 billion bbl of OOIP, with 5-6 billion bbl considered recoverable. It would take deep pockets to develop the field.Financing initiativesJapan in February sealed a $2 billion deal to develop Azadegan despite pressure from the US to back off because of its concerns that Tehran is developi...
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