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Tuesday, March 17, 2009

U.S. firm to help Bahrain with oil production hike

ABU DHABI Ñ Industry sources said Bahrain plans to triple its production of crude oil and natural gas.   

Bahrain now produces 33,000 barrels of oil and 1.3 billion cubic feet of gas per day at the Bahrain Field.Bahrain has signed an agreement meant to significantly improve energy production.

Bahrain's National Oil and Gas Authority has signed an accord with the U.S. firm Occidental Petroleum and the United Arab Emirate's Mubadala Corp. for the development of the Bahrain Field, Middle East Newsline reported.

Also In This Edition

The deal, signed on March 15 in Manama, would be followed by the Development Production Sharing Agreement by April 15.

"This cooperation between Oxy, Mubadala and NOGA will result in significantly increasing the daily oil and gas production levels and at the same time add many hundreds of millions of oil barrels and trillions of cubic feet of natural gas to the reserves of the Bahrain Field," Bahraini Energy Minister Abdul Hussein Mirza said.

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