Business News
Jordan to ink gas exploration accord with British Petroleum
Apr 4, 2009, 10:38 GMT
Amman- The Jordanian government will sign a 'strategic partnership agreement' at the end of April with British Petroleum and four affiliated companies for the development of the Risheh gas field near the Iraqi border, Minister of Energy and Mineral Resources Khaldoun Quteishat was quoted as saying Saturday.
The accord, now in its final negotiation stage, is the largest gas venture in the country eventually involving a multi-billion-dollar investment, he told the daily newspaper al-Rai.
Under the agreement's provisions, BP undertakes to spend 234 million dollars in gas exploration activities in the project's first stage which is due to last for three years, he said.
On the results of the first stage, the firm will use sophisticated technology to carry out 2 billion dollars of investments in the region that could expand to 8 billion dollars, he added.
Quteishat put the current daily output of the Risheh gas field at about 20 million cubic feet, which are being exploited in the generation of electricity.
COMMENT
blog comments powered by DisqusLatest Headlines in Business
- 1. US unemployment drops further, but figures disappoint
- 2. Japan stocks down as euro debt outweighs positive US data
- 3. Iraq resumes oil flow after pipeline blast in Turkey
- 4. Spanish bond auction lifts eurozone worries, sinks Japan stocks
- 5. ECB holds rates, rules out early exit from emergency measures
Older Talkback
