TOKYO: Japan’s biggest energy explorer, Inpex Corp, said on Thursday it may drop its second attempt to join in developing Iran’s South Azadegan oilfield after US President Donald Trump said he will re-impose sanctions on Tehran.
The company was forced to relinquish a 10 percent stake in Azadegan in 2010 because sanctions by the United States on Iran made it difficult to access financing for the project.
According to energy consultants Wood Mackenzie, the Azadegan fields are considered one of the world’s biggest oil discoveries of the past 30 years with an estimate of about 33.2 billion barrels of oil in place. Oil production at the fields was planned to reach 600,000 barrels per day.
The lifting of the sanctions in 2016 after an international agreement on Iran’s nuclear program had opened the way for Inpex to again participate in developing the oilfield.
“We recognize that it has become difficult for us to engage in activities for the bidding” after Trump’s decision this week, an Inpex spokeswoman said by phone.
President Trump on Tuesday said he was pulling out of the multi-party nuclear agreement and will reinstitute US sanctions against Tehran that were suspended under the 2015 accord.
Inpex remains interested in participating in Iran’s oil and gas sector because of its “high potential” and would be interested in joining the project if the situation changes, the Inpex spokeswoman said.
In August 2017, Inpex joined a workshop held in Iran on the South Azadegan field to gather information for the bidding, the spokeswoman added, without giving further details on the status of the bidding process due to a confidentiality agreement.
The news service for Iran’s oil ministry reported on May 7 that the country planned to tender 14 exploration blocks and Iranian energy officials said that the country’s oil industry would continue to develop despite any new US sanctions.
Japan’s Inpex may drop bid for Iran’s Azadegan oil project
Japan’s Inpex may drop bid for Iran’s Azadegan oil project
Closing Bell: Saudi main index closes in red at 11,183
RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Monday, losing 44.79 points, or 0.4 percent, to close at 11,183.85.
The total trading turnover of the benchmark index was SR4.05 billion ($1.08 billion), as 69 of the listed stocks advanced, while 191 retreated.
The MSCI Tadawul Index decreased, down 6.63 points or 0.44 percent, to close at 1,504.73.
The Kingdom’s parallel market Nomu lost 328.20 points, or 1.36 percent, to close at 23,764.92. This comes as 22 of the listed stocks advanced, while 49 retreated.
The best-performing stock was Maharah Human Resources Co., with its share price surging by 7.26 percent to SR6.50.
Other top performers included Arabian Cement Co., which saw its share price rise by 6.27 percent to SR22.71, and Saudi Research and Media Group, which saw a 4.3 percent increase to SR104.30.
On the downside, the worst performer of the day was Arabian Internet and Communications Services Co., whose share price fell by 8.01 percent to SR207.80.
Jahez International Co. for Information System Technology and Al-Rajhi Co. for Cooperative Insurance also saw declines, with their shares dropping by 5.61 percent and 4.46 percent to SR12.79 and SR75, respectively.
On the announcement front, Etihad Etisalat Co. announced its financial results for 2025 with a 7.9 percent year-on-year growth in its revenues, to reach SR19.6 billion.
In a Tadawul statement, Mobily said that this growth is attributed to “the expansion of all revenue streams, with a healthy growth in the overall subscriber base.”
Mobily delivered an 11.6 percent increase in net profit, reaching SR3.4 billion in 2025 compared to SR3.1 billion in 2024.
The company’s share price reached SR67.85, marking a 0.37 percent increase on the main market.
