By OGJ editors
HOUSTON, Nov. 10 -- Occidental Petroleum Corp., Mubadala Development Co., and the National Oil & Gas Authority of Bahrain (NOGA) have formed a joint operating company to further develop Bahrain field.
The joint entity, Tatweer Petroleum-Bahrain Field Development Co., will serve as the operator for the field and will operate under the development and production-sharing agreement (DPSA) signed in April by all three partners.
Tatweer Petroleum, which will begin production and development activities immediately, will be comprised of workers from Bahrain Petroleum Co. (Bapco) as well as from Oxy and Mubadala. The venture also plans to hire additional local employees.
Ray R. Irani, Oxy chairman and chief executive officer, said, “Tatweer Petroleum further expands our presence in the region and is a key element of our growth strategy for the Middle East.”
Mubadala Chief Executive Officer and Managing Director Khaldoon Khalifa Al Mubarak said, “This investment is aligned with [Mubadala’s] ambition to include enhanced oil recovery projects as one of the key pillars of its investment strategy in the [Middle East and North Africa] region.”
Abdul Hussain Bin Ali Mirza, minister of oil and gas affairs and NOGA chairman, noted, “The [DPSA] with Oxy and Mubadala represents a paradigm shift for the oil industry in Bahrain. The revitalization of one of the longest producing oil fields in the world is the cornerstone for fueling the economic diversification plans set by the political leadership in Bahrain and will bring added prosperity and opportunity to the whole nation.”