FINANCIAL NEWS

BP starts exploration works in Jordan’s Risha gas field

19 Jun 2012

(MENAFN) Giant oil and gas firm British Petroleum (BP) officially started recently drilling works in the first well in its concession in the Risha natural gas field in eastern Jordan, Reuters reported.

The company said it will take up to four months complete the exploration, adding that a number of international oil and gas service contractors as well as local firms are involved.

Jordan government hopes that intensive exploration and drilling at Risha will uncover extensive recoverable gas reserves, which will help cut dependence on oil imports to fuel the country’s power sector and industries.

Jordan is struggling to meet electricity demand, which is growing by more than 7 percent per year, due to fast growing population and rising industrial needs.

The government strategy calls for Risha to produce 330 million cubic feet of natural gas per day by 2015. The field has a current modest daily output of about 18 million cu ft.

In 2009, BP was given up to four years to spend at least USD237 million to explore and evaluate the Risha block, which covers an area of 7,000 sq km, according to Jordanian officials.

A successful discovery of large commercially viable reserves of natural gas would lead BP to invest billions in the phase of developing the field for production, officials said.

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