Under the agreement, the first commercial quantities of oil extracted from oil shale will be produced within 12-20 years from the date the agreement is signed between both sides, Minister of Energy and Mineral Resources Khaldoun Qteishat told reporters after the weekly Cabinet meeting yesterday.

He said the initial figure of direct investments the project is expected to attract range between $20-25 billion, adding that Shell will spend around $430 million during the project's initial phases of implementation, which focus on assessment of the project and its expected revenues.

Jordan has reserves of some 40 billion tonnes of oil shale in 21 locations near the Yarmouk River, Buweida, Beit Ras, Rweished, Karak, Madaba and Maan districts.

Separately, the Estonian company Eesti Energia, with which the government signed an agreement in August 2008 to invest in and produce electricity from burning oil shale, is also due to provide the government with a comprehensive offer to invest in the production of oil from oil shale.

A feasibility study by Eesti Energia concluded there was the potential to produce 36,000 barrels of oil a day from just one of the Kingdom’s oil shale deposits.

Qteishat told reporters yesterday the government has invited six international oil companies to invest in the extraction of oil through a process of distillation of oil shale quantities located on the surface of the earth.

Jordan lacks petroleum, natural gas and coal reserves.