JAPEX TO EXPLORE STRAIT OF HORMUZ OFF IRAN
Japan Petroleum Exploration Co. has agreed to an exploration and development campaign in Iran's portion of the Strait of Hormuz. Under a letter of intent with National Iranian Oil Co., Japex agreed to spend $100 million for exploration to begin in summer 1992, with total outlays reaching as much $1.6 billion in the event of development. Japex's plan calls for 2,500 miles of seismic surveys and six wildcats. A final agreement is expected next spring.