UK's IPG Will Explore for Gas in Jordan's Al Risheh Field

British oil and gas company, IPG, will explore for oil and gas in Jordan.

According to a report by Jordan Times, IPG will spend around $100 million over the next four years exploring for gas and oil in the eastern parts, Qutaiba Abu Qura, chairman of the National Petroleum Company, said Saturday.

IPG was awarded the right to explore for oil and gas in Al Risheh gas field and Al Safawai area near the borders with Iraq.

“We are expected to sign the production sharing agreement with the company this year after the cabinet has granted the company the concession rights,” Abu Qura told Jordan Times.

The aim is to boost output from Al Risheh gas field to 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.

Jordan has been facing a shortage of gas after supplies from Egypt got disrupted. Last year, BAM International completed the €65-million-project ($73 million) to construct the Aqaba LNG terminal for Jordan’s Aqaba Development Corporation (ADC).

Russian news agency TASS reported Monday that Jordan is interested in importing Russian LNG at preferential prices.