- AMMAN: The Jordanian government on Wednesday inked a memorandum of understanding with the state-owned Russian Oil and Gas Joint Stock Company, Zarubezhneft, for the exploration of oil in the south eastern Jafr area, an official statement said.
The six-month agreement, which can be extended for another three months, was signed by the Director General of Jordan’s Natural Resources Authority Maher Henazine and Zarubezhneft’s Deputy Director General Victor Gorshenev.
Under the accord, the Russian firm will conduct a re-study of the available technical, geological and geophysical dada involving 10,416 sq km of the area before it submits a report to the government about the oil possibilities in the region.
“In case the Russian firm comes up with encouraging signs and expresses desire in continuing the venture, the two sides will enter into negotiations to conclude a production sharing agreement in the targeted area,” the statement said.
The agreement is part of Jordan’s new drive to lure global oil firms to explore for oil in the country, Hejazine said during the signing ceremony.