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FINANCIAL NEWS
Jordan agrees on two oil deals with Saudi, S Korea firms
07 Mar 2013
(MENAFN) Jordan’s government has agreed to go forward with two new oil deals with Saudi Arabia and Korea, as it seeks to become energy self-sufficient by the end of this decade, Jordan Times reported.
The first agreement will see the Saudi Arabian Oil Shale Company distill shale oil in the Atarat Umm Ghadran area, with an initial production capacity of 2,650 barrels per day (bpd).
The project, estimated to cost USD1.93 billion, is expected to reach an output of 30,000 bpd within four to eight years.
The second one, a co-production deal with the Korea Global Energy Corporation, will see the execution of oil exploration over a 6819-square-kilometre area in the Dead Sea and Wadi Araba areas.
The four-year project will be conducted in three phases.
The Jordanian government also formed a committee to promote areas in southern Jordan for oil exploration in cooperation with the Natural Resources Authority.
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