Oxy, Mubadala sign development contract for Bahrain field
Occidental Petroleum and Mubadala Oil & Gas have entered into a development and production-sharing agreement with Bahrain's National Oil & Gas Authority for further development of Bahrain field.
OGJ Oil Diplomacy Editor
LOS ANGELES, Apr. 30 -- Occidental Petroleum Corp. and Mubadala Oil & Gas have entered into a development and production sharing agreement with Bahrain's National Oil & Gas Authority (NOGA) for further development of Bahrain field.
Oxy and Mubadala said they will establish a joint operating company to serve as operator for the project, with Oxy holding a 48% stake, Mubadala 32%, and NOGA 20%.
Oil production from the field is expected to more than double to 75,000 b/d of oil within 5 years, eventually expected to reach a peak of more than 100,000 b/d.
Gas production is expected to grow from the current level of 1.7 bcfd to more than 2.5 bcfd under the field development plan.
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