Ivanhoe, Japan to Develop Oilfield in Iraq

Ivanhoe Energy has signed a partnership deal with Japan's Inpex Corp. to develop an oilfield in Iraq that Ivanhoe believes is suitable for its heavy-oil upgrading technology.

Ivanhoe Energy CEO Joe Gasca said that he hopes the deal will be the first of many international deals based on the upgrading technology. "We're happy that they see in our technology the opportunity to add value - not only to this project but to other projects around the world," Gasca said.

Ivanhoe Energy signed a memorandum of understanding with the Iraqi Ministry of Oil in 2004 to evaluate a specific, large heavy-oil field and its commercial development potential using Ivanhoe's technology.