Monday, September 04, 2006
Both sides say they are less than two weeks away from final agreement over the Azadegan field, which is one of the world's largest untapped oil reserves.
"An understanding has been reached and we can almost say that no dispute has remained on pricing," said Iran's representative to global oil producers group Opec, Hossein Kazempour Ardebili.
Analysts expect it will take $2bn (£1bn) to bring the field on stream.
Located in the south west of Iran, Azadegan is estimated to have reserves of 26 billion barrels of crude, and production could start in 2008.
The Japanese government is a major shareholder in Inpex.
Posted by Jesus Reyes at 1:21 AM