Bahrain signs gas deal with Occidental
Manama, February 11, 2011
Bahrain yesterday signed a deep gas exploration and production sharing agreement with US Occidental Petroleum Corporation.
Oil and Gas Affairs Minister and National Oil and Gas Authority (Noga) chairman Dr Abdulhussain Mirza sealed the deal, on behalf of Bahrain Government, with Glen Vangolen, Senior Vice-President - Middle East Oxy Oil and Gas.
"The agreement is in line with His Majesty King Hamad's directives to provide gas supplies for industrial uses and power generation", Dr Mirza said.
The deal is also part of 12 Noga-led initiatives to optimise the use of natural resources and ensure sufficient gas supplies to meet future needs. Cutting edge technologies will be used to tap in deep gas reserves.
The deep-gas exploration will last seven years - a four-year phase followed by a second three-year stage.
Dr Mirza signed a framework agreement with US Occidental Petroleum Corporation last November, paving the way for the PSA deal.
The US petroleum corporation won the contract, beating three other bidding firms which were in the fray. - TradeArabia News Service