Home Economy Jordan signs exploration accords with two Indian firms

Jordan signs exploration accords with two Indian firms


Amman : The Jordanian government has signed agreements with four foreign firms – including two from India – for the exploration of oil in various parts of the country, Energy Minister Khalid Shraydeh said Saturday.

He said the accords were concluded on the fringes of the World Economic Forum (on the Middle East) conference that concluded Sunday at the Dead Sea resort.

"The contracts were granted to Global Petroleum and Universal Energy, both Indian firms, Petrel Resources of Ireland and the US Sonoran Energy, Inc.," Shraydeh said.

The minister said his government had also signed a memorandum of understanding with a Croatian firm in the run-up for concluding an oil exploration agreement later this year.

Under these agreements, the government will get between 40 percent and 70 percent of the quantities of crude oil found by the firms, he added.

He pointed out that all agreements provided for the setting up of joint firms between the concerned companies and the government when the production of discovered oil exceeds 2,000 barrels per day and for 30 consecutive days.