By Courtney Trenwith
Saudi Arabian Oil Shale Company signs deal worth an estimated $1.93bln
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.