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Shell, Jordan oil deal comes into effect
- Jordan: Wednesday, August 19 - 2009 at 09:45
Jordan's Natural Resource Authority (NRA) has said that the product-sharing agreement with Royal Dutch Shell Oil Company went into effect on Sunday, and that the Jordan Oil Shale Company B.V. is now setting up offices and ordering equipment in order to start shale exploration activities within the next nine months, The Jordan Times has reported. Following three years of exploration, the firm will enter a four-year evaluation stage to determine the feasibility of the initiative, which calls for Shell's patented In-situ Conversion Process. Shell is expected to invest $340m in the project and pay the government $150m over the various stages of the scheme.
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StaffWednesday, August 19 - 2009 at 09:45 UAE local time (GMT+4)
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