The objective is to bring IOCs and NOCs to provide their offers for exploration and production on the pre-confirmation, Adel Almoayyed, deputy chief executive officer, exploration and production, told delegates in a conference in Dubai.
Almoayyed added a new company called the Joint Oil Company, or JOC, will be formed between Occidental Petroleum Corp. (OXY, Abu Dhabi’s Mubadala Development Co.and National Oil and Gas Authority, or NOGA, of Bahrain and will be effective from July 1, 2009.
The Oxy-Mubadala is a production agreement aimed at maximising reserves and production from the Bahrain Oil Field reservoirs, we are looking for a two-fold increase but this will take years, he said.
Oil production in Bahrain is expected to increase from 35,000 barrels to 70,000 barrels per day.
