Reuters reported that BP signed a deal with Jordan to explore for natural gas reserves in the small Risha field near the border with Iraq.

The officials said that under the deal the British company would enter partnership with the government owned National Petroleum Company in Phases II to boost the field that currently produces around 20 million cubic feet per day.

They said that the oil major would spend USD 237 million on exploration and evaluation of the Risha block which covers an area of 7,000 square kilometers in the first 3 to 4 year phase of the deal.

Officials said that if the exploration leads to the discovery of large commercially viable reserves of natural gas, BP would enter Phase II to invest billions of dollars in the field.

(Sourced from Reuters)