Mubadala Development and the US oil company Occidental Petroleum have signed a production sharing agreement with Bahrain’s government to boost output from the country’s main oilfield, finalising last month’s preliminary deal.
The partners said they would form a joint operating company for the project, with Occidental holding 48 per cent, Mubadala 32 per cent and the National Oil and Gas Authority of Bahrain (NOGA) 20 per cent.
Development activities aimed at doubling the field’s oil output to 75,000 barrels per day (bpd) within five years, and eventually to more than 100,000 bpd, would start immediately, they said.
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