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Jordan, British Petroleum Sign Natural Gas Agreements

The Jordanian government, the Jordanian National Petroleum Company (NPC) and British Petroleum (BP) on Sunday signed four agreements to develop the Risheh natural gas field in the east of Jordan, the Pan-Arab daily ASHARQ AL AWSAT reported Monday. NPC President Fayez Suheimat said the agreements aim at increasing the output of the Risheh gas field, which currently produces 21 million cubic feet of natural gas per day, by benefiting from BP's expertise and financing capabilities.

In the first stage of the project, BP will spend 3 to 4 years exploring the field at a minimum cost of $237 million. If an adequate volume of natural gas is discovered, BP will invest $8-$10 billion for producing 330 million to 1 billion cubic feet of gas from the field on a daily basis, which would be enough to meet Jordan's needs. Suheimat said that the government will receive 50 percent of the gas output generated by the project, while the other 50 percent will go to BP and NPC, according to ASHARQ AL AWSAT. He added that the field's gas output could exceed 50 million cubic feet of natural gas per day within 3 years.
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Title Annotation:Regional Report
Publication:The Daily Middle East Reporter (Beirut, Lebanon)
Date:Oct 27, 2009
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