• 4 minute Hey Oil Bulls - How Long Till Increasing Oil Prices and Strengthening Dollar Start Killing Demand in Developing Countries?
  • 8 minutes Could oil demand collapse rapidly? Yup, sure could.
  • 15 minutes Oil and Trade War
  • 8 mins Could oil demand collapse rapidly? Yup, sure could.
  • 11 hours Are EVs Safer Than Combustion Engine Vehicles?
  • 7 hours What If Canada Had Wind and Not Oilsands?
  • 2 hours U.S. Withdraws From U.N. Human Rights Council
  • 14 hours Sell out now or hold on?
  • 1 hour Gazprom Exports to EU Hit Record
  • 28 mins EVs Could Help Coal Demand
  • 14 hours Migrants: Italy Wants EU Border Agency In Africa, Not At Sea
  • 16 hours Trump Hits China With Tariffs On $50 Billion Of Goods
  • 10 hours WE Solutions plans to print cars
  • 15 hours Nopec Sherman act legislation
  • 9 hours Australia mulls LNG import
  • 3 hours Lloyd's of London excludes coal
  • 9 hours Oil and Trade War
  • 3 mins Hey Oil Bulls - How Long Till Increasing Oil Prices and Strengthening Dollar Start Killing Demand in Developing Countries?
  • 9 hours Russia, Saudi Push For Big Hike In Oil Output Despite Iran Opposition
Oil Prices Rebound On Crude, Gasoline Inventory Draws

Oil Prices Rebound On Crude, Gasoline Inventory Draws

Oil prices reversed on Wednesday…

Jordan Approves Oil Shale Extraction Agreement with British Firm

According to a statement from the UK embassy in Amman, the Jordanian government has given formal approval to an agreement signed in March for British company Jordan Energy and Mining Ltd. subsidiary Karak International Oil to develop Jordan’s oil shale resources.

The agreement allows Karak International Oil, which has already invested $30 million, to use thermal cracking and retorting technology to extract and process oil shale in a 13.5 square mile concession in Lejjun, Karak.

According to Jordan’s Ministry of Energy and Mineral Resources the arrangement is expected to produce 15,000 gallons of oil per day by 2016, within the next five years, with the possibility of reaching 60,000 tons with additional investment, Amman’s Jordan Times reported.

The agreement adds to other projects to exploit Jordan’s oil shale reserves, which prospecting has determined extend over 60 per cent of the country with reserves estimated to be up to 40 billion tons. Last Year Jordan signed a 44-year production sharing agreement with Estonian firm Eesti Energia to produce up to 35,000 barrels of oil per day in Jordan’s central provinces. Royal Dutch Shell is also working in Jordan on the exploratory phase of a multibillion dollar operation to apply its patented In-situ Conversion Process in  Jordan’s eastern and northern regions, where the oil shale reserves are deep and  unable to be mined through conventional methods.

By. Charles Kennedy, Deputy Editor OilPrice.com


x

Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News