Bahrain oil field in Awali has entered a new phase of development with the launch of Tatweer Petroleum.

The Tatweer Petroleum flag was raised and a plaque unveiled at Oil Well No 1 at Jebel Dukhan in the presence of HRH Prince Salman bin Hamad Al Khalifa, Bahrain’s Crown Prince and chairman of the Economic Development Board.

The new phase of development for the Bahrain oil field is being led by Tatweer Petroleum, a joint venture operating company between Noga (National Oil & Gas Authority), Occidental Petroleum Corporation and Mubadala Development Company (Mubadala).

Tatweer Petroleum had assumed the management of all upstream operations in the field on December 1, 2009 and is using the latest recovery technology to more than double Bahrain’s production capacity over the next 20 years.

Tatweer Petroleum will significantly increase drilling activity in the field in order to meet the kingdom’s rising demand for energy and increase revenues, thereby aiding the industrial and social development of the country.

The redevelopment of the Bahrain field marks the beginning of an exciting new phase for the oil and gas industry in Bahrain and is aligned with the kingdom’s Economic Vision 2030 to address the rising demand for energy in Bahrain’s expanding economy.

In his address, the Oil and Gas Affairs Minister and Noga chairman, Dr Abdul-Hussain Bin Ali Mirza said the new venture would use the latest techniques to increase the production from the Bahrain oil field to about three times the current level to reach 100,000 barrels per day (bpd) within seven years.

“It will remain at this level until 2028. This in turn will lead to a steady increase in the revenues of the kingdom and will contribute a large part of the plans and projects that will lead to achieving the Economic Vision,” he said.

The venture will also increase the production of natural gas from the Bahrain field to meet the demand on energy for 15 years, until 2024.

It will also funnel investments worth $15 billion into the national economy throughout the period of the agreement that is up to 2029. Such investments will be made by oil companies and will reflect positively on the economy, he said adding that in this regard, the partnership agreement provides that priority should be given to national companies.

There is no doubt that the venture will provide new employment opportunities for professionals and others across the country and facilitate the development of training and technology transfer and activation of successful management practices, he added.

The partnership is very important to Mubadala, which is already involved in oil and gas joint ventures with Oxy in the region, said Khaldoun Khalifa Al-Mubarak, the chief executive and managing director of Abu Dhabi-based company.

Dr Ray R Irani, chairman and chief executive of Oxy, said his company had handled fields similar to Awali and used its special expertise to augment production. Oxy will also transfer to Bahrain’s workforce its skills and technology, he added. – TradeArabia News Service