NRA seeks sales adviser

01 October 2004
The Natural Resources Authority (NRA) is seeking an adviser to promote oil and gas exploration. Potential bidders have been given until 7 October to submit expressions of interest in a contract to market to international oil companies (IOCs) exploration licences in three blocks - Northern Highlands, Azraq and Sarhan.

The marketing campaign is the latest initiative in a drive to attract interest from IOCs in licences to explore and develop production sharing agreements (PSAs) in the country's seven oil blocks. Sources at the NRA say it has been granted JD 1 million ($1.4 million) a year for the next five years to support oil exploration in the kingdom.

IOCs have avoided Jordan because most of its oil reserves are contained in oil shale deposits. However, Amman believes the recent high oil prices make the deposits more attractive and is seeking to stimulate IOC interest by offering favourable PSA terms. Four IOCs from the US, Croatia and Russia have already registered interest in some of the blocks. The NRA is also evaluating a proposal from Australia's NFG Developmentto sign a PSA covering the Sarhan block. NFG signed in October a memorandum of understanding with the NRA to evaluate the two blocks.

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