Inpex, Japan's largest upstream company plans to bid in a tender recently launched by Iran to develop the Azadegan oilfield.

"Inpex is in the process of gathering information and conducting updates as necessary. Inpex will consider its response once the tender is published and the terms and conditions pertaining to the tender and oil contract are clarified,” a company spokesman was quoted as saying by Iran Daily, which cited Platts.

Azadegan, which is estimated to have up to 42 billion barrels of in-situ oil, currently produces less than 50,000 bpd, but Iran hopes to increase production up to 320,000 bpd, according to Platts.