(MENAFN- Kuwait News Agency (KUNA)) Jordan aims to produce 50,000 barrels a day of shale oil after signing a memorandum of understanding with Canadian firm Whitehorn to tap into the country's southern shale-oil reserves.
The accord was signed, on behalf of Jordans Energy and Mineral Resources Ministry, by head of the mineral resources department Mousa Al-Zayyoud Managing Director of the company David Street.
The accord will start with an initial production phase of around 9,500 barrels a day of oil from shale over 220 sq/km in the Attarat Um Ghudran and Isphere Al Mahatta areas of central and southern Jordan, which will be raised to 50,000 barrels a day in later stages, said the Jordanian official.
The company will start its operations immediately over a 12-month period, followed by an initial feasability study and development plans over two years.
Whitehorn expects to invest around USD one billion in the project.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.