By Martin Morris
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Jordan’s government on Tuesday approved partnership agreements signed between the National Petroleum Company and British Petroleum (BP) on development of the Risha gas field.
Minister of Energy and Mineral Resources, Khaldoun Qteishat, told Petra news agency the first phase of the development agreement, which would see BP commit $237 million on exploration and evaluation, would extend over three to four years.
Oteishat added that if the results prove sufficiently promising BP would then spend between $8 billion and $10 billion in the second (production) phase.
Discovered in 1987 Risha is a small producing field near the Iraqi border.
Output peaked at 38 million cubic feet per day in 2003, but has since declined to some 22 million cubic feet a day.
Expected production, should BP proceed to phase two, is forecast to range from 330 million to 1 billion cubic feet of gas per day.
Source: Arabianbusiness.com
