Saturday, October 02, 2010

500 Billion Barrels of Oil Equivalent in Jordan's Oil Shale

JORDAN has over 0.59 trillion barrels of oil equivalent (boe) of oil-shale reserves, says one of the companies trying to develop the resource. It is an estimate that could revolutionise the country's economy – and slash its dependence on energy imports.

And, suddenly, the resource could be viable at around $65 a barrel, making it profitable in the range in which international oil prices have traded in the past two years. Estonia's state-run Eesti Energia says it can produce Jordan's oil-shale economically, and cleanly, within seven years. _PetroleumEconomist
As with Canada's vast oil sands reasources, the enemy of oil shale development is low oil prices. As long as the price of oil stays in the vicinity of $80 a barrel, a world wide bonanza of new oil and oil-equivalent resources will be unleashed onto world markets -- and OPEC will have little to say about it.

While Jordan's oil shale resources are tiny in comparison to North American oil shale and oil sands resources, there is a significant difference -- the government of Jordan is not handicapped by a philosophy of energy starvation, nor is it under the influence of a faux environmental desire for a great human dieoff.orgy. Jordan will use its resources, if it is economical to do so.
Dr. Maher Hijazin, the Director General of The Natural Resources Authority, added, "The oil shale deposits are strategically important to Jordan's national energy policy. Through this concession, we have put in place the framework for future development of the oil shale industry. We strive to balance the benefits from commercial exploration of Jordan's natural resources with the need to ensure that the projects are conducted in a sustainable and environmentally responsible manner." _Rigzone



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