Energy Ministry, ARGAS Sign Landmark 3D Seismic Survey Agreement
Date
10/29/2024 2:02:10 PM
(MENAFN- Jordan News Agency)
Amman, Oct. 29 (Petra) - The
Ministry of
energy and Mineral Resources has signed an agreement with the Arab Geophysical and Surveying Company (ARGAS) of the Saudi Public
investment Fund, to conduct an extensive three-dimensional seismic survey covering 4,285 square kilometers in Al-Jafr.
It marks Jordan's largest deep seismic survey to date, aimed at enhancing the country's subsurface geological understanding to support future oil and
gas exploration.
Funded by revenue from the Hamza oil field, the survey is in line with the Economic Modernization Vision (2023-2025) for development of the energy and mining sector.
Minister of Energy and Mineral Resources Saleh Kharabsheh and ARGAS CEO Moath Al Rawi, who inked the agreement, underscored the importance of the initiative as the first phase of geophysical surveys across the Kingdom.
Kharabsheh expressed optimism about the eight-month project, calling it a foundation for expanded agreements and potential discoveries.
Al Rawi emphasized ARGAS's commitment to applying world-class standards and contributing to Jordan's energy sector through expertise cultivated over 60 years in global geophysical survey projects.
The survey is set to draw international interest in Jordan's natural resources, boost development of local energy and create about 400 job opportunities, said Bahjat Adwan, Director of Natural Resources Projects at the ministry.
He highlighted that the project complements ongoing efforts in the Hamza field and Sarhan development areas to boost reliance on local energy sources.
ARGAS, which won the JD21 million bid to execute the survey, specializes in advanced geophysical surveys for natural resource exploration on both land and sea.
With an office established in Jordan, the company aims to foster foreign investment in Jordan's energy and mining sectors.
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