Tuesday, May 22, 2012
BEIRUT (Zawya Dow Jones)--Bahrain National Gas Co., or Banagas, will team up with the local Tatweer Petroleum Co. to expand its natural gas operations if the outcome of a study is positive, Manama-based Al Bilad daily reports Tuesday citing an executive.
The study is being prepared by Tatweer and is expected to be completed within two to three months, the paper said quoting Sheikh Mohammed Al Khalifa, chief executive of Banagas, which is mainly owned by the Bahraini government.
The result of a previous feasibility study carried out by Banagas two years ago wasn't encouraging as the time period required for extracting the gas was projected at 15 years, the daily cites Al Khalifa as saying.
He added that it wasn't feasible to inject up to $400 million of investment over this [long] period of time especially given the volatility of global prices.
Tatweer is a joint venture between Oil and Gas Holding Co.--the investment arm of Bahrain's National Oil and Gas Authority--and U.S.-based Occidental Petroleum Corp. (Oxy) and Abu Dhabi's state-owned Mubadala Development Co., according to Tatweer's website.
In 2009, Tatweer was assigned the task of redeveloping the Bahrain Field.
Newspaper website: http://www.albiladpress.com/article143412-2.html
-By Beirut Bureau, Zawya Dow Jones; +961-1-985 757; BeirutZDJ@zawya.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
22-05-12 0831GMT
