Bahrain saw oil production increase 33 per cent last year, having risen by 24 per cent the previous year, said Energy Minister Dr Abdulhussain Mirza.

This has been due to the hard work by Tatweer Petroleum, the joint venture between nogaholding, Occidental Petroleum Corporation and Mubadala Development Company, he added.

He was speaking at the launch of the third edition of The Oil and Gas Year Book Bahrain 2012, produced by Wildcat International at the Gulf Hotel yesterday.

'We find this achievement remarkable given that before Tatweer Petroleum was set up, there were people writing off Bahrain's oil production as a disappearing asset,' he said.

'Bahrain production started at four barrels a day and peaked in the mid-1970s at about 75,000 barrels per day (bpd),' Dr Mirza said.

'But by 2000, it had declined to 30,000 barrels. Now with the hard work of Tatweer Petroleum, this joint venture has raised production to 45,000 barrels and is well on target to reach 100,000 barrels within five years.'

He said that Bahrain was now looking to replace the existing pipeline between itself and Saudi Arabia which was built in 1945 and pumps 230,000 barrels of oil a day to the kingdom's refinery with a new pipeline with a capacity to import 350,000 bpd.

The success of Tatweer Petroleum resulted in its chief executive Dr Edward J Handley named as the Oil and Gas Year Bahrain Man of the Year.

He was presented with the award by Dr Mirza, who congratulated him on his achievements.

Dr Mirza said he regarded the annual publication as a significant event for the country on the 80th anniversary of the discovery of oil.

'A lot of things have happened in our kingdom, both in the political arena as well as the industries covered by this annual,' he said.

'Based on my past experience I am certain that the burning issues facing the nation are covered objectively, accurately and with insight. Trust and confidence in Bahrain is returning,' Dr Mirza said.

'This is evident by the success of the Air Show and Formula One. Bahrain is returning to the premier venue for energy related international conferences. Bahrain has a bright future ahead of it,' he added. 'Many initiatives that will turn the Economic Vision 2030 into reality are well underway.”

'On the energy side we are increasing the production of natural resources and on the supply side we are nearing a final decision on a new crude pipeline from Saudi Arabia and a new LNG import terminal.

'The Refinery Master Plan, which will modernise our ageing refinery to a world-class facility, is also proceeding well,' he added. – TradeArabia News Service