Font Size

- Aa +

Thu 7 Mar 2013 12:33 PM

Font Size

- Aa +

Jordan signs new oil deals with Saudi and Korea

Saudi Arabian Oil Shale Company signs deal worth an estimated $1.93bln

Jordan signs new oil deals with Saudi and Korea

Jordan has approved two new oil deals with Saudi Arabia and Korea, according to the Jordan Times.

Under the first agreement, Saudi Arabian Oil Shale Company will distill shale oil in the Atarat Umm Ghadran area, with an initial production capacity of 2650 barrels a day, reaching 30,000 barrels within four to eight years.

The project is estimated to cost $1.93 billion.

A co-production agreement also has been signed with the Korea Global Energy Corporation for 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.

For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.