Essar, Iran in talks for Azadegan oilfield

Essar Group is in talks with Iran to develop the giant Azadegan oilfield, where a deal with a Japanese firm ended last year, to ensure fuel for a planned refinery and steel plant in the Islamic nation, a company official said on Friday.

Azadegan is Iran's biggest oilfield with in-place reserves of 26 billion barrels. Japan's INPEX Holdings Inc. lost control of the field in 2006 but retains a 10 percent stake.

"December-end or early January we met Iranian authorities ... We are again meeting them later this month or early next month to take forward the issue," said Kharak Singh, head of exploration and production at Essar Oil Ltd.

Iran is drawing interest from Indian and Chinese firms, keen to help tap the world's second-largest reserves of oil and gas.

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