Sponsored by   Mudabala
 
 
BETA
Loading Loading ...
Mon, 22 Mar 2010 | 04:03 GMT
Mon, Mar 22, 2010, 04:03 GMT
 

Occidental Petroleum, Mubadala and NOGA Form Joint Operating Company in Bahrain to Further Develop the Bahrain Field

Press Release
 
 
10 November 2009
Occidental PetroleumOccidental PetroleumLoading..., MubadalaMubadalaLoading... and NOGA Form Joint Operating Company in Bahrain to Further Develop the Bahrain Field

Los Angeles - Nov 10, 2009 (PRN): Occidental Petroleum CorporationOccidental Petroleum CorporationLoading... (NYSE:OXY), Mubadala Development CompanyMubadala Development CompanyLoading... (MubadalaMubadalaLoading...) and the National Oil and Gas Authority of BahrainNational Oil and Gas Authority of BahrainLoading... (NOGANOGALoading...) announced the creation of a new joint operating company, Tatweer Petroleum-Bahrain Field Development Company (Tatweer Petroleum), which will serve as the operator for the Bahrain Field. The company will operate under the Development and Production Sharing Agreement signed in April 2009 by all three partners, approved by the Bahraini parliament in May 2009 and ratified by His Majesty King Hamad bin Isa Al Kalifa.

Tatweer Petroleum will begin production and development activities immediately with its team largely comprised of individuals from the Bahrain Petroleum CompanyBahrain Petroleum CompanyLoading... (BapcoBapcoLoading...), in addition to employees from OxyOxyLoading... and MubadalaMubadalaLoading.... The company also plans to hire additional local employees.

"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 Dr. Ray R. Irani, Chairman and Chief Executive Officer of OccidentalOccidentalLoading.... "Tatweer Petroleum further expands our presence in the region and is a key element of our growth strategy for the Middle East."

"We are pleased to begin joint venture operations with our partners," said Khaldoon Khalifa Al Mubarak, Chief Executive Officer and Managing Director, Mubadala Development CompanyMubadala Development CompanyLoading.... "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 MENA region."

"The development and production sharing agreement with OccidentalOccidentalLoading... and MubadalaMubadalaLoading... represents a paradigm shift for the oil industry in Bahrain. The revitalization of one of the longest producing oil fields in the world is the cornerstone for fueling the economic diversification plans set by the political leadership in Bahrain and will bring added prosperity and opportunity to the whole nation," said His Excellency Dr. Abdul Hussain Bin Ali Mirza, Minister of Oil and Gas Affairs and Chairman of the National Oil and Gas Authority, (NOGANOGALoading...).

- Ends -

About Oxy
Occidental Petroleum CorporationOccidental Petroleum CorporationLoading... is an international oil and gas exploration and production company with operations in the United States, Middle East/North Africa and Latin America regions. OxyOxyLoading... is the fourth largest U.S. oil and gas company, based on equity market capitalization. OxyOxyLoading...'s wholly owned subsidiary, OxyChem, manufactures and markets chlor-alkali products and vinyls. OccidentalOccidentalLoading... is committed to safeguarding the environment, protecting the safety and health of employees and neighboring communities and upholding high standards of social responsibility in all of the company's worldwide operations.

About Mubadala DevelopmentMubadala DevelopmentLoading... Company
Mubadala Development CompanyMubadala Development CompanyLoading... (MubadalaMubadalaLoading...) is a business development and investment company that acts as a catalyst to realize Abu Dhabi's ambition to diversify and transform its economy, develop a new generation of business leaders and build a prosperous people for its people. By harnessing expertise and resources MubadalaMubadalaLoading... generates sustainable financial returns and builds businesses, clusters of expertise and even whole new industries. Bringing together and managing a diverse portfolio of opportunities in areas such as energy, healthcare, technology, aerospace, and real estate, MubadalaMubadalaLoading... invests for the long term as an active and diligent partner. MubadalaMubadalaLoading...'s sole shareholder is the Government of the Emirate of Abu Dhabi.

Mubadala Oil & Gas is a business unit within MubadalaMubadalaLoading... that pursues acquisition, exploration and development opportunities in the Middle East, North and West Africa, and Central and Southeast Asia. Its portfolio of assets include Pearl Energy, a wholly-owned subsidiary of MubadalaMubadalaLoading... that operates in four Southeast Asian countries, and exploration and production activities in Algeria, Libya, Oman and Kazakhstan. Current net working interest production from its participating interests in Dolphin Energy, the Mukhaizna field and Pearl Energy is over 300,000 barrels of oil equivalent per day (boepd).

MubadalaMubadalaLoading...'s sole shareholder is the Government of the Emirate of Abu Dhabi. For more information about MubadalaMubadalaLoading..., its partnerships and activities please visit http://www.mubadala.ae.


About NOGA
The National Oil and Gas Authority is the government body in Bahrain responsible for regulation, policy and control of the nation's hydrocarbon assets. The Oil and Gas Holding Company (nogaholding) is the business and investment arm of NOGANOGALoading... and steward of the Bahrain Government's investment in The Bahrain Petroleum CompanyBahrain Petroleum CompanyLoading... (BapcoBapcoLoading...), The Bahrain National Gas Company (Banagas), The Bahrain National Gas Expansion Company (BNGEC), The Bahrain Aviation Fuelling Company (Bafco), The Bahrain Lube Base Oil Company, the Gulf Petrochemical Industry Company (GPIC), and Tatweer Petroleum.

For more information, contact:
Occidental PetroleumOccidental PetroleumLoading... Corporation
Media
Richard S. Kline
Tel: 310-443-6249
Email: richard_kline@oxy.com

Investors
Chris Stavros
Tel: 212-603-8184
Email: chris_stavros@oxy.com

Mubadala DevelopmentMubadala DevelopmentLoading... Company
Tel: +971 2 413 0000
Website: http://www.mubadala.ae

NOGA
Ali A.Jabbar Al-Sawad
Tel: +973 1731 2633
Email: asawad@noga.gov.bh
Website: http://www.noga.gov.bh

Information from Press Release Network may be freely distributed to any publication. Wherever applicable, please cite Press Release Network as the news source

© Press Release 2009

from PressReleaseNetwork
 
x DISCLAIMER

Zawya is a distributor (and not a publisher) of content supplied by third parties and subscribers. Any opinions, advice, statements, services, offers, or other information or content expressed or made available by those third parties, including information providers, subscribers or other users of the Service, are those of the respective author(s) or distributor(s) and not of the Company. The Company neither endorses nor is responsible for the accuracy or reliability of any opinion, advice or statement made on the Service by anyone other than authorized Service employee spokespersons while acting in their official capacities. The Company is not responsible for any infringement of intellectual property rights or breach of any applicable law or regulation, including regulation in relation to financial services or the distribution of financial products, defamation, data protection, telecommunications (including regulations relating to excessive use, spamming or other abusive activities) or obscene, offensive or illegal content). Under no circumstances will the Company be liable for any loss or damage caused by a member's reliance on information obtained through the Service. It is the responsibility of member to evaluate the accuracy, completeness or usefulness of any information, opinion, advice or other content available through the Service. Please seek the advice of professionals, as appropriate, regarding the evaluation of any specific information, opinion, advice or other content.

Read the full Member Agreement
http://www.zawya.com/legal/NewsLetter.cfm?name=disclaimer
 
 
Access to this article is subject to specific terms and conditions. Read Disclaimer.
 
 
 
Community Comments (0) - Comment on this article
The opinions of the authors expressed herein do not necessarily state or reflect Zawya. Read our Comment Policy.
 
 
 
Loading ...
 
Report Abuse
Loading ...
 
 
Loading ...
Zawya Comment Policy:
 
  1. Zawya encourages you to add a comment to this discussion. You agree that when you add content to this discussion your comments will not:
    1.1   Contain any material which is libelous or defamatory of any person, is obscene, offensive, hateful or inflammatory or causes damage to the reputation of any person or organisation.
    1.2   Promote sexually explicit material, violence, discrimination based on race, sex, religion, nationality, disability, sexual orientation or age or any illegal activity.
    1.3   Be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence.
    1.4   Be threatening, abuse or invade another's privacy, or cause annoyance, inconvenience or needless anxiety.
    1.5   Be used to impersonate any person, to misrepresent your identity or affiliation with any person, or be likely to deceive any person.
    1.6   Give the impression that they represent Zawya.
    1.7   Advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse.
  2. The content posted on www.zawya.com is created by members of the public. The views expressed are theirs and unless specifically stated are not those of Zawya. Zawya reserves the right to review all comments prior to posting and edit or delete any contribution, but Zawya is not responsible for and can not be held liable for any content posted by members of the public on www.zawya.com.
  3. Zawya is not responsible for the availability or content of any third party sites that are accessible through www.zawya.com. Any links to third party websites from www.zawya.com do not amount to any endorsement of that site by Zawya and any use of that site by you is at your own risk.
  4. By submitting your comment, you hereby give Zawya the right, but not the obligation, to post, air, edit, exhibit, telecast, webcast, re-use, publish, reproduce, use, license, print, distribute or otherwise use your comments worldwide, in perpetuity.
 
 
 
 
 
Community Buzz

Stories

Companies

Most viewed companies by Community in the last 24 hrs
Company Name Country Industry
Consolidated Contractors Company Overseas Construction and Design
Saudi Telecom Saudi Arabia Telecommunications Services
Saudi Binladin Group Saudi Arabia Construction and Design
Hyundai Engineering and Construction Company - Saudi Arabia Saudi Arabia Construction and Design
Ministry of Health - Saudi Arabia Saudi Arabia Ministries and Municipalities
Zuhair Fayez Partnership Consultants Saudi Arabia Construction and Design
Department of Economic Development UAE Regulatory and Administrative Bodies
Oman Insurance Company UAE Insurance
Nissan Motor Egypt Egypt Transportation Products
Dubai Electricity and Water Authority UAE Electric Utilities
 

Projects

Blogs

 
 

 
 
 
 
 

Site is optimised for viewing at 1024 x 768 with Internet Explorer v6 and Firefox v3.0 and above.
Copyright © 2010 ABQ Zawya Ltd. All rights reserved. Please read our Membership Agreement