Seeking Alpha

BP’s Risha exit means Jordan faces tough task in meeting energy needs

  • BP's decision to abandon Jordan after it found no technical basis for a gas project at the eastern Risha field leaves the country with limited options to meet its soaring domestic demand, industry sources say.
  • Jordan, with few energy sources of its own, had hoped Risha could help cut its dependence on neighbors to fuel its power sector and industries; it had previously said Risha could produce ~330M cf/day of gas by 2015 vs. the current 20M.
  • But after spending nearly $240M and drilling two exploration wells, BP said the results were too poor to continue.
  • Jordan now may be forced into a politically sensitive deal to buy gas from Israel’s Tamar and Leviathan fields.
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