Japan Seeks Oil Security in Iraq, Indonesia After Iran Setback

Japan, dependent on imports for 99 percent of its oil and gas, may turn to Iraq and Indonesia after it lost control of Iran’s biggest untapped field.

Prime Minister Shinzo Abe’s government promised this week to invest in Iraq’s shattered energy industry in the hope that Japan will be able to tap the world’s third-largest oil reserves. State-controlled Inpex Holdings Inc. may spend $4.2 billion to develop the Abadi gas field off Indonesia.

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