Jan 21 2010 |
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Bahraini oil sector to get $15bn investments
MANAMA: With the official launch of a landmark Tatweer Petroleum, Bahrain is set to reap benefits of massive $15 billion investments by the foreign oil companies in Bahrain oil field, a senior minister said on Wednesday.Tatweer Petroleum, a joint venture operating company between National Oil and Gas Authority ( NOGA ), Occidental Petroleum Corporation and Mubadala Development Company ( Mubadala ), will set a new benchmark as being the sustained oil production levels of 100,000 barrels, the highest ever achieved in the history of Bahrain oil field.
"From the current production capacity of 33,000 bpd with the help of Taweer the capacity will be increased to 100,000 bpd in next seven years.
In addition to oil, Mirza said, the initiative will also enhance the natural gas production capacity to 2.7 million cubic feet per day from existing 1.3 million cfpd.
"The redevelopment of the Bahrain field marks the beginning of an exciting new phase for the oil and gas industry in Bahrain and is aligned with Bahrain's Economic Vision 2030 to address the rising demand for energy in Bahrain's expanding economy," Mirza said.
The new phase of development for the Bahrain oil field is being led by Tatweer Petroleum, as the new venture is committed to assisting NOGA as it strives to achieve its targets set in the strategic vision 2030. The strategy is aimed at making Bahrain oil and gas recognized leader, fueling economic growth and improving living standards.
To maximize recovery of resources in the field, which is still producing today, Tatweer launch has set a pace for the development plan. The new phase will utilize latest technologies to increase production and deliver additional economic value to Bahrain.
Mirza said the benefits of the new initiative would be enormous when put together the employment opportunities, training and development of Bahrainis and transfer of technology from the foreign oil companies and Mubadala .
By Mahmood Rafique
© Arab News 2010
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