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INPEX Corporation

Japan

Date: 2004 - October 2010

Deal: According to the United States Government Accountability Office (GAO), INPEX signed an initial agreement with Iran in 2004 to develop the Azadegan oil field (GAO Report, March 23, 2010). Reuters reported that in 2006, the company's holdings in Iran's Azadegan field fell from 75 percent to 10 percent after development talks fell through (Reuters, August 18, 2009). According to Iran's Shana news service, the National Iranian Oil Company (NIOC) reallocated the remaining 90 percent of the plan to Petroiran Development Company, a subsidiary of NIOC (Shana (Iran), November 12, 2007).

In April 2010, the Islamic Republic News Agency (IRNA) reported that INPEX had expressed an eagerness to increase its 10 percent share in the Azadegan oil field (IRNA, April 26, 2010).

According to Bloomberg, INPEX announced on October 1, 2010 that the company was "considering withdrawing from the Azadegan oil project in Iran" (Bloomberg, October 5, 2010).

On October 15, 2010, INPEX announced that it had reached an agreement with the National Iranian Oil Company (NIOC) to withdraw from the Azadegan field, according to Bloomberg (Bloomberg, October 15, 2010).

U.S. Business Ties: According to the company's website, INPEX has had a hand in oil and gas development projects in the shallow waters of the Gulf of Mexico since April 2006. The company is presently involved in five contract areas, all of which have begun production (Inpex Website, accessed June 25, 2010).

According to USASpending.gov, however, the company has not received any U.S. government contracts (USASpending.gov, accessed July 9, 2014).

Last Updated: July 9, 2014