Thanks to efforts by international oil companies, the threat of Bahrain Field, the country's sole onshore source, drying up has been addressed for now. An alliance of Occidental Petroleum Corporation and Mubadala Development Company (Mubadala) has signed a 20-year Development and Production Sharing Agreement designed to expand oil and gas output from the field.
The agreement is essential as the field is relatively old with production beginning way back to 1932. The output has declined over the years. In 2008, its production level stood at 33,000 barrels per day, down by five per cent.
These companies aim to double the field's output by 2014 and reach a peak level of 100,000 barrels per day from 2016 onwards. Bahrain Field achieved its highest output level of 75,000 barrels per day in the 1970s.
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