19-08-02 While evidence exists of Jordan possessing reserves of oil, the kingdom lacks the funds to tap the resource, the energy minister said. Mohammad Ali Al Batayneh told that $ 10 mm is available for oil exploration this year, while the projected cost to dig an oil well is $ 5 mm

Foreign oil exploration companies have spent $ 15 mm digging in eight areas across Jordan during the last two years, "but that is not enough" for such a major project, Al Batayneh said. "There is some evidence that Jordan has oil," he said. "But that requires a bigger investment."
The government announced five years ago that small quantities of oil had been found in south-eastern Jordan, near the border with Saudi Arabia, and in western Jordan, near and under the salty waters of the Dead Sea -- the lowest point on earth. Jordan has invited foreign firms to establish the quantity of untapped resources, including natural gas which was discovered in 1987.

Jordan receives its annual requirement of 5 mm tons of crude and fuel oil from neighbouring Iraq. Experts believe Jordan has up to 12 bn cm (420 tcf) of natural gas. But Amman neither has the ability nor the funds to explore for natural gas.