Jordanian coast eyed by energy explorers

Dec. 13, 2012 at 6:40 AM

LONDON, Dec. 13 (UPI) -- British energy company Energi Oil announced it signed an agreement with a South Korean counterpart to explore the Jordanian coast of the Dead Sea.

Energi said it signed an agreement with Korea Global Energy Corp. to enter what it described as a highly prospective project in the Wadi Araba block near the Jordanian coast of the Dead Sea.

KGEC gets a 5 percent interest in the block under the terms of the deal as it works with the government on a production sharing agreement.

The block consists of 2,600 square miles of land adjacent to the Dead Sea. Energi said several wells have been drilled in the area have indicated the presence of oil and natural gas.

"(The) initial work program will involve evaluation of technical data and the acquisition of new geophysical data," the company said.

Jordan relies heavily on imports for its oil and natural gas reserves. Violence in the Sinai Peninsula left gas infrastructure in Egypt damaged, affected downstream consumers like Jordan.

Protesters in the kingdom demonstrated over high gas prices last month.

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