MANAMA: A Shura Council committee has backed an agreement signed with a major Italian company to boost oil production in Bahrain.
The National Oil and Gas Authority (Noga) sealed the memorandum of Understanding with Eni to pursue petroleum exploration of Block 1 – an offshore area of more than 2,800sqkm located in the northern territorial waters with depth ranging from 10m up to 70m.
The Financial and Economic Affairs Committee submitted a report which will feature today on the Shura Council’s weekly session, recommending the law decree on the deal to be recommended. “The partnership agreement does incur any financial burden for Noga until the discovery and extraction of oil according to quantities specifically mentioned in the deal”, said the committee.
“The terms stipulated in the said agreement are among the best conditions that can be negotiated in light of the global economic and oil conditions”, it added, stressing the importance of the deal which aims to upgrade the sectors of oil and gas sectors, enhance their contribution to national economy, spur growth and boost revenues.
The council will also discussed the three drafts laws on protection from radioactive materials, the environment and the reuse and recycling of renewable materials.
The government has already submitted to the legislative branch an 18-article draft law, tackling all environmental issues.
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