Inpex to Exit Azadegan Project

Inpex has reached an agreement with National Iranian Oil to exit from the Azadegan development project in Iran.

Although Inpex didn't mention any specifics regarding its decision, the company has been in the spotlight regarding a possible pullout from the project since Japan tightened its sanctions against Iran on Sept. 3.

Inpex, which has invested 12.5B yen ($153MM) will be handing over its 10 percent stake in Azadegan to National Iranian Oil. According to a company spokesman, the company will not be required to pay compensation to National Iranian Oil for exiting, but declined to give further details.

National Iranian Oil had a 90 percent stake in the Azadegan project before the Inpex pullout.