Bahrain's Tatweer To Invest $4B Over 4 Yrs On Oil Wells -Report

Tuesday, Jun 05, 2012

BEIRUT (Zawya Dow Jones)--Bahrain's Tatweer Petroleum Co. plans to invest between $3 billion and $4 billion in the next four years mainly to drill wells, Manama-based Al Bilad daily reports Tuesday citing an executive.

The Gulf state's oil production is expected to grow to more than 50,000 barrels a day by the end of 2012 compared with 40,000 barrels a day at present, Andrew Kershaw, the company's general manager for the development of the Bahrain Field, said according to the paper.

Tatweer's planned investment for 2012 in the Bahrain Field amounts to $1 billion, the daily cites Kershaw as saying. He added that his company plans to drill 250 new wells this year of which 107 have been drilled so far.

Tatweer is 48% owned by U.S.-based Occidental Petroleum Corp. (Oxy), 32% by Abu Dhabi's state-owned Mubadala Development Co. and 20% by Bahrain's National Oil and Gas Authority, the newspaper said.

Newspaper website: http://www.albiladpress.com/article145456-2.html

-By Beirut Bureau, Zawya Dow Jones; +961-1-985 757; BeirutZDJ@zawya.com

(END) Dow Jones Newswires

05-06-12 0744GMT