Last Updated :
26 October 2009 at 10:50 IST
Jordan signs natural gas deal with BP
AMMAN (Commodity Online) : Middle East nation Jordan on Sunday signed an important deal worth billions of dollar with Energy giant BP to explore for natural gas reserves in its Risheh field.
Under the agreement, BP plans to invest 237 million dollars to explore the Risheh field, which currently produces 21 million cubic feet a day.
In a statement issued here, Jordan Energy Ministry said, "This first phase is expected to take between three and four years and if the firm discovers large reserves, it would spend $8 billion to $10 billion in the second phase to develop Risheh to produce between 300 million cubic feet and one billion cubic feet a day."
Energy-poor Jordan discovered Risheh in the 1980s, and the field now covers an area of around seven square kilometers (2.7 square miles).
The tiny desert kingdom, which imports 95 per cent of its energy needs, has also announced plans for a nuclear power programme to generate electricity and desalinate water.
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