FINANCIAL NEWS

Jordan, Estonian firm sign $6b oil agreement

12 May 2010

(MENAFN) Jordan and Estonia’s energy firm Eesti Energia announced that they have signed a $6 billion agreement to explore for oil in the country’s extensive surface oil shale reserves, AP reported.

Head of Jordan’s Natural Resources Authority, Maher Hijazin, said that the project involves full-scale oil shale extraction in a 30-square-kilometer in the kingdom’s central Al-Attarat region.

Hijazin said that the firm expects a potential daily oil production of 36,000 barrels within a decade, or 30 percent of the country’s daily need.

It is worth mentioning that Jordan has 40 billion tons of surface shale deposits, which translates into nearly 28 billion barrels of oil for a country forced to import 96 percent of its energy needs.

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