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Tuesday, April 28, 2009

Bahrain to more than double production with onshore oil field deal

ABU DHABI Ñ Bahrain plans to expand its onshore oil field in a project with Western contractors.   

The plan has included the signing of a development production sharing agreement between the Gulf Cooperation Council kingdom and Mubadala Development Co. of the United Arab Emirates and the U.S. firm Occidental Petroleum, Middle East Newsline reported.

Officials said the deal, signed on April 26, could lead to the doubling of Bahrain's crude oil and natural gas production.

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"This will result in significantly increasing our daily oil and gas production levels and 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.

The agreement, expected to increase the oil output from the Bahrain Field from the current 35,000 to 100,000 barrels per day, requires approval from Bahrain's parliament.

Mirza said he expected the project to begin by the end of 2009.

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