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Jordan signs oil, gas exploration agreement

Xinhua, March 29, 2016 Adjust font size:

Jordan on Tuesday signed an agreement for oil and gas exploration in the eastern part of the country.

The agreement was signed by state-owned National Petroleum Company and IPG, a UK-based company owned by Egyptian investor Yehia Al Koumi.

"This is a very important agreement for Jordan that will help increase gas production," Jordan's Minister of Energy and Mineral Resources Ibrahim Saif said at a press conference on Tuesday.

Under the agreement for four years, IPG will increase gas production from the Risha gas field near the Iraqi borders from 15 to 50 million cubic feet per day during the first year of the agreement.

"We believe we will be able to increase gas production to 300 million cubic feet per day after four years," said Al Koumi at the press conference.

Jordan, which needs around 400-450 million cubic feet of gas per day and imports about 97 percent of its energy needs annually, incurred losses worth billions of dinars due to repeated cuts in natural gas supplies from Egypt. Endit