IRAN AND CHINA have signed a US$1.76 billion deal for the initial development of Iran's North Azadegan oilfield, Iran's official IRNA news agency has reported. The deal was signed between the China National Petroleum Corp. and the National Iranian Oil Co.

ARAWAK HAS RESUMED oil production at its four operated fields in Kazakhstan. Arawak announced on December 5, 2008 that it had curtailed production at the fields following a significant deterioration in margins owing to high taxation and a material decline in world oil prices.