TOKYO, Oct. 2 (UPI) -- Talks between Japan and Iran on the Azadegan oil field will continue though a Saturday deadline on a deal set by Tehran has expired.
The Kyodo news agency reported the development Sunday, citing a news agency run by the Iranian Oil Ministry.
On Friday, Japanese Economy, Trade and Industry Minister Akira Amari said he expected talks to continue past the Sept. 30 deadline.
The Saturday deadline was the second; the first one expired Sept. 15. Iran had warned that if work on Azadegan remained unresolved, the contract will be considered null and void and Iran will pay some money to INPEX for what has been already done.
Inpex holds the concession for Azadegan field, but says it hasn't started $2 billion development work yet because Iran has not begun a process of demining the area. Azadegan is estimated to hold 26 billion barrels of crude.
