Gulf Oil and Gas accountACCOUNT

OXY, Mubadala and NOGA Form Joint Operating Co.

Source: www.gulfoilandgas.com 11/10/2009, Location: Middle East

Occidental Petroleum Corporation, Mubadala Development Company (Mubadala) and the National Oil and Gas Authority of Bahrain (NOGA) announced the creation of a new joint operating company, Tatweer Petroleum-Bahrain Field Development Company (Tatweer Petroleum), which will serve as the operator for the Bahrain Field. The company will operate under the Development and Production Sharing Agreement signed in April 2009 by all three partners, approved by the Bahraini parliament in May 2009 and ratified by His Majesty King Hamad bin Isa Al Kalifa.

Tatweer Petroleum will begin production and development activities immediately with its team largely comprised of individuals from the Bahrain Petroleum Company (Bapco), in addition to employees from Oxy and Mubadala. The company also plans to hire additional local employees.

"We are delighted to be part of this new joint operating company, Tatweer Petroleum. We believe the further development of the Bahrain Field will greatly benefit Bahrain and its citizens," said Dr. Ray R. Irani, Chairman and Chief Executive Officer of Occidental. "Tatweer Petroleum further expands our presence in the region and is a key element of our growth strategy for the Middle East."

"We are pleased to begin joint venture operations with our partners," said Khaldoon Khalifa Al Mubarak, Chief Executive Officer and Managing Director, Mubadala Development Company. "This investment is aligned with Mubadala Oil and Gas's ambition to include Enhanced Oil Recovery projects as one of the key pillars of its investment strategy in the MENA region."

"The development and production sharing agreement with Occidental 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," said His Excellency Dr. Abdul Hussain Bin Ali Mirza, Minister of Oil and Gas Affairs and Chairman of the National Oil and Gas Authority, (NOGA).

Oil & Gas Companies News in Bahrain >>

Qatar >>  11/27/2019 - Qatar Petroleum has announced the completed fabrication of the first two jackets required for offshore facilities as part of its North Field Expansion...
United Arab Emirates >>  11/20/2019 - The Abu Dhabi National Oil Company (ADNOC) selected Honeywell's (HON) asset monitoring and predictive analytics solution to drive improved asset and m...

Saudi Arabia >>  11/13/2019 - Sadara Chemical Company (Sadara) and Baker Hughes have signed agreements through which Sadara will supply feedstock chemicals to a Baker Hughes chemic...
Kuwait >>  11/12/2019 - Honeywell (HON) announced that Kuwait Integrated Petroleum Industries Company (KIPIC) has selected Honeywell Process Solutions (HPS) to be the main au...

United Arab Emirates >>  11/12/2019 - ADNOC LNG has concluded supply agreements with subsidiaries of BP and TOTAL, effectively booking out the majority of its LNG production through Q1 202...
United Arab Emirates >>  11/11/2019 - Penspen has been awarded a prestigious Project Management Consultancy (PMC) framework agreement from the Abu Dhabi National Oil Company (ADNOC). The f...

Related Categories: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  Food Supplies  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Unskilled Labors  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 

Related Articles: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Utility Systems  Water Supply Services  Welding Products/Services 


Bahrain Oil & Gas 1 >>  2 |

Oil & Gas Projects in Bahrain >>

More News

Related Links

AE BH IL IQ JO KW LB OM QA SA SY YE
Gulf Oil and Gas
Copyright © 2019 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.