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The Jordanian government has announced that the state-owned National Petroleum Company has signed an agreement with BP for the development of the Risheh gas field in the country.
The deal will see the British supermajor initially spend US$237 million a three-year exploration phase, with an option for a fourth year, on the field, during which time a detailed evaluation of its potential will be conducted.
If the exploration is a success BP has committed to investing between $8-$10 billion on increasing production to around 1 billion cubic feet of gas per day.
The majority of the gas will go straight into Jordan’s domestic supply, but Jordan’s Minister of Energy and Mineral Resources Khaldoun Qteishat did not rule out the possibility of exporting any surplus.Â
