- AMMAN: The Jordanian government on Wednesday signed an agreement with the state-run Estonian firm, Eesti Energy, for the exploitation of the country's vast oil shale resources, an official statement said Wednesday.
The signing ceremony was attended by the prime ministers of the two countries.
The deal, involving investments of about six billion dollars, grants the Estonian firm a concession for the extraction of crude from oil shale in an area of 41 square kilometers in Attarat in central Jordan.
Under the 44-year concession, expandable for an additional decade, the Estonian firm expects to start production within five to seven years.
The agreement envisages an initial annual production of 22,000 barrels of oil per day that rises later to 38,000 bpd.
Jordan also aspires to produce 900 megawatt of electricity by using the "direct burning of oil shale" technology.
Jordanian Minister of Energy Khalid Irani underlined the importance of the project to Jordan, saying that the kingdom, home to 50 billion tons of oil shale reserves, "will not only gain energy independence but will also become an electricity exporter".
Estonia has more than 90 years of experience in the extraction of crude from oil shale.