Bahrain crude oil output hits record
Manama, December 29, 2011
Bahrain’s production of crude oil during November averaged 271,300 barrels per day as against a capacity of 262,000 barrels, marking the highest production ever for the month, said a senior government official.
'This was the best-ever crude run in Bahrain,' said Energy Minister Dr Abdulhussain Mirza. 'If we continue at this rate till the end of the year, we will have exceeded our target by 50,000 barrels.'
The minister dismissed reports that Bapco had suffered huge losses during the unrest in February and March.
'There is talk of a $90 million loss but that is not true,' he said. 'There was no loss and, if at all, there was a shortfall in production. This has been more than covered with work after the unrest.'
He also said the company's profitability had improved in 2011 than in previous years.
Dr Mirza credited Bapco's performance to the dedication and hard work of its management and employees.
He spoke to the our sister publication the Gulf Daily News on the sidelines of the opening of the Process Control and Instrumentation (PCI) exhibition at the Bapco Club, Awali.
It was organised to mark the 20th anniversary of the company's PCI department.
It showcased the functionalities of various control systems and measurements engineered, installed and supported by PCI.
Bapco chief executive Faisal Al Mahroos said the exhibition reflected the company's contribution to serving the oil and gas sector and supporting the national economy.
'It features PCI capabilities in the automation area and state-of-the art and cutting edge technologies in Bapco,' said Mr Al Mahroos. 'We aim to elevate awareness of control automation systems in Bapco.'
The minister also presented several employees with awards of recognition during the exhibition.
Bapco has pledged extra efforts to improve its operations, enhance its contributions to the national economy and continue its outstanding performance for sustainable growth, said Dr Mirza who chaired Bapco's board meeting at Al Dar in Awali.
The board reviewed a number of key issues related to Bapco's operational performance. It noted that the production target for 2011 was fully achieved safely and efficiently.
It reviewed and approved operating expenses and investment budgets for 2012.
The meeting highlighted the productivity improvement programme which resulted in cost savings. The board also reviewed a number of operational and human resource issues.
It thanked outgoing chief executive Faisal Al Mahroos for his valuable contribution to the company's success.
Dr Mirza hailed the financial and operational performance of the company, praising Bapco's ability to continue its growth and enhance its status regionally and globally. – TradeArabia News Service