Jordan to Invest in Revolutionary AED10.7 Billion Global Oil Shale Market
Kingdom to invest 11 percent in primary energy mix by 2014 and 14 percent by 2020
Amman - October 2nd, 2011: The Hashemite Kingdom of Jordan is set to invest in the revolutionary global oil shale market, worth an estimated US$2.88 billion (AED10.57 billion) in 2011 . Currently, Jordan’s oil imports account for up to 20 percent of its Gross Domestic Product (GDP). However, investing in oil shale will boost lucrative energy exports and bring lower costs to the local market. Jordan’s oil shale reserves are estimated to be able to meet the Kingdom’s energy needs for more than 900 years.
For this reason, the Kingdom is set to promote its oil shale reserves as a new source of energy, by adding 11 percent to its energy mix in 2015, rising to 14 percent in 2020. It will do this by attracting private sector investment in the industry, specifically related to generating electricity through direct burning, surface retorting to produce oil and exploration of deep oil shale.
This research is supported by Demarco Jorge Epifanio, General Manager P&M DI - Petrobras and Mitsui Drilling International, INTERNATIONAL - Business Development Group who stated: “The benefits of oil shale in Jordan are dual; one is its geographical location and second, the country does not have any other oil source. Certainly, these large oil shale resources will generate major benefits to the country as they are high grade shale mines. There is also enough oil for the installation of an Oil Shale Industrialization Complex (including oil refining). And finally, the Kingdom of Jordan government is supporting Petrobras and Partners, as making the oil shale project feasible, would solve infrastructure demands, energy supply and water shortage in the country.”
The prospects for Jordan’s oil shale industry will be the topic of discussion at the forth-coming Jordan Energy Investment Summit, to be held from October 10 to 12 in Amman, under the patronage of the Ministry of Energy and Mineral Resources. Sessions at the summit will examine the Kingdom’s oil shale market potential, review current operations and review the latest stable incentives on offer, as well as environmental terms and benefits in collaboration with the Jordanian Natural Resources Authority (NRA).
Key players in the Kingdom’s oil shale projects will speak about their experiences in in-vestments and developments in the market to date, focusing on the importance of in-vestment in the Jordanian oil shale industry. Attendees will be brought up to date with ground-breaking technology aiming at generating power and oil extraction from shale, the technical challenges with addressing expansion of the industry will be evaluated and a road-map to commercialization based on risk mitigation will be drawn up.
Key panelists discussing this vital topic during a dedicated session, include representa-tives of the Jordan Oil Shale Company, BV (JOSCO), Jordan Energy & Mining Ltd, Enefit’s Jordan Oil Shale and Petrobras, Brazil. The session, entitled ‘The Revolutionary Oil Shale Debate’ will be moderated by Dr Maher Hijazin, former Director General, NRA, and Advisor to the Cabinet.
About the IIR Jordan Energy Summit:
The only energy investment summit for the Hashemite Kingdom of Jordan brings together repre-sentatives of the global business community for efficient exchange of experience and definition of new investment opportunities. This conference is a must-attend for those interested in exploring new business developments and investment opportunities in Jordan’s energy sector, from senior government officials to international operating companies to financiers and investors. The confe-rence is supported by the Ministry Of Energy and Mineral Resources and the National Center for Research & Development.