Quoting sources close to the government, the Yomiuri Shimbun said a consortium made up of energy group INPEX Corporation, Japan National Oil Corp and JGC Corp would become the main developers of Iran's South Pars and Qatar's North field gas resources.

Yomiuri said the consortium plans to begin using gas from the two fields to produce liquid fuels for export to Japan and in the process significantly alter the balance of energy use in petroleum-dependent Japan. The consortium would also be responsible for about 50% of daily output from the Pars South Field, or more than 10 million cubic metres, the paper said.

Currently, oil consumers and suppliers are meeting in Osaka at the 'International Energy Forum' to soothe relations amid a backdrop of increased tensions in the Middle East.