MUBADALA DEVELOPMENT COMPANY (Mubadala) and the National Oil and Gas Authority (Noga) have set up a new joint operating company. The Tatweer Petroleum-Bahrain Field Development Company (Tatweer Petroleum), will serve as the operator for the Bahrain Field. The company will operate under the development and production sharing agreement signed in April by the partners, including Occidental Petroleum, and approved by the Bahraini parliament in May.
Tatweer Petroleum will begin production and development activities immediately with its employees largely comprised of individuals from the Bapco, in addition to employees from Oxy and Mubadala. The company also plans to hire additional local employees. “The development and production sharing agreement with Occidental and Mubadala, represents a paradigm shift for the oil industry in Bahrain,” said Oil and Gas Affairs Minister and Noga chairman Dr Abdulhussain Mirza.
“The revitalisation of one of the longest producing oilfields in the world is the cornerstone for fuelling the economic diversification plans set by the political leadership in Bahrain and will bring added prosperity and opportunity to the whole nation.” “We are delighted to be part of this new joint operating company, Tatweer Petroleum. We believe the further development of the Bahrain Field will greatly benefit Bahrain and its citizens,” said Occidental Petroleum Corporation chairman and chief executive officer, Dr Ray R Irani.
“Tatweer Petroleum further expands our presence in the region and is a key elelment of our growth strategy for the Middle East.” “We are pleased to begin joint venture operations with our partners,” said Mubadala Development Company chief executive officer and managing director Khaldoon Khalifa Al Mubarak. “This investment is aligned with Mubadala Oil and Gas’s ambition to include enhanced oil recovery projects as one of the key pillars of its investment strategy in the Middle East and North Africa region.”