AMMAN — The National Petroleum Company and IPG, a UK-based company, signed a production sharing agreement on Tuesday to explore for oil and gas in the eastern parts of the Kingdom.
Under the deal, IPG will work on increasing output from Al Risheh gas field to reach around 50 million cubic feet per day during the first year of the contract. Currently, gas output from Al Risheh gas field is around 12-13 million cubic feet per day.
“This is a very important agreement for Jordan to increase production from Al Risheh gas field and explore for oil and gas in Al Safawi area,” Minister of Energy and Mineral Resources Ibrahim Saif said on Tuesday at a press conference to sign the deal.
The four-year agreement can be prolonged for one more year, said the minister.
Egyptian investor and owner of IPG Yehya Al Koumi, whose company was granted concession rights to explore for gas and oil in Al Risheh gas field and Al Safawai area near the borders with Iraq, said the company enjoys international expertise and is home to world-renowned experts in the area.
