Bahrain is to expand and develop its oil fields by linking up with a major international company.

The government on Sunday agreed in principle to develop Bahrain Oil Field and set up a new firm to undertake the project, which aims to significantly boost productivity, said a report in our sister publication, the Gulf Daily News.

The weekly Cabinet meeting chaired by Deputy Premier Shaikh Mohammed bin Mubarak Al Khalifa at Gudaibiya Palace announced the move.

The company will be a joint venture with a chosen international operator, based on the recommendations of a commissioned global consultancy firm.

The scheme follows a memorandum submitted by Oil Minister and National Oil and Gas Authority (NOGA) chairman Dr Abdulhussain Mirza.

The Tender Board has yet to approve the project in line with international terms and standards governing such transactions.

The NOGA has also been commissioned to update the Cabinet on criteria upon which an international firm will be chosen to undertake the project.

'The initiative reflects the government's keenness to fructify oil resources to boost productivity and optimise the contribution of the energy sector to the national economy,' Cabinet Affairs Minister Shaikh Ahmed bin Ateyatala Al Khalifa said. - TradeArabia News Service