Japex Oman Abandons Plan for Development of Wadi Aswad Discoveries
The Japanese group Japex Oman - owned 85% by the Japan Exploration Company and 15% by C. Itoh Energy Development Company - has abandoned its plans to develop its finds in the Wadi Aswad region of northern Oman on the grounds that the three exploratory wells drilled so far in the area are not commercial.
Japex, it will be recalled, struck oil in three wells in its 4,400-sq. km. concession in 1984. The first wildcat,...