CRA International(NASDAQ: CRAI), a worldwide leader in providing management, economic, and financial consulting services, today announced that the Company advised the National Petroleum Company of Jordan in the structuring and negotiation of an agreement that will allow BP plc to explore and potentially develop gas resources in the Risha concession in northeast Jordan. The project agreement, signed in Amman on October 25, 2009, will be submitted to the Jordanian Parliament, and subject to its approval, passed into law.
The Risha field currently produces approximately 21 million cubic feet a day of gas. The reservoir`s complex "tight gas" geological structure poses development and production challenges that will likely result in extraction costs being far higher than a conventional gas project. BP, which has substantial expertise in managing tight gas fields around the world, is seeking to bring its advanced technology and considerable expertise to the Risha development. If BP`s exploration program identifies commercially producible gas reserves, production could potentially reach several hundred million cubic feet per day.
CRA provided commercial advice to the National Petroleum Company (NPC) to develop a project agreement that enabled BP to successfully conclude a farm into the Risha project whilst maintaining the integrity of NPC`s existing concession.
Jim Burrows, President and Chief Executive Officer of CRA, said, "CRA`s role in support of Jordan`s National Petroleum Company for negotiation of BP`s farm into the Risha development is a testament to our expertise in natural resource projects. As evidenced by our lengthy track record, corporations and governments regularly turn to CRA for valuable counsel on the development and exploration of natural resources throughout the Middle East."
Eng. Qutaiba Abu Qorah, the Director General of the National Petroleum Company, added, "BP is an ideal partner for the development of the Risha concession. BP has committed to investing a significant amount of capital on the exploration of gas resources in northeast Jordan. This project has important implications for Jordan`s national energy policy. If BP`s exploration program proves to be successful, the gas produced will help to reduce Jordan`s reliance on imported energy."
CRA worked in partnership with Trowers & Hamlins on this project. Trowers & Hamlins, an international law firm with offices throughout the United Kingdom and the Middle East, served as legal advisor to NPC. Trowers & Hamlins and CRA have previously collaborated on several other successful assignments in Jordan.
he two firms recently assisted the Jordanian government in negotiating a significant oil shale concession with Shell and are currently advising on a series of smaller oil shale concessions. They also worked together on the Jordan Gas Transmission Pipeline project and the related long-term purchase of Egyptian gas; the development of Jordan`s Energy Master Plan; estructuring of the Natural Resources Authority; and early stage development of Jordan`s wind energy projects.
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