Global Arab Network | Bahrain - Prince Salman bin Hamad al Khalifa Inaugurates the Official Launch of Tatweer Petroleum

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Bahrain - Prince Salman bin Hamad al Khalifa Inaugurates the Official Launch of Tatweer Petroleum

Global Arab Network - - Mohammed Almasri

Monday, 18 January 2010 12:29

Under the patronage of Prince Salman bin Hamad al Khalifa Crown Prince and Chairman of the Economic Development Board an inaugural ceremony will be held on the 20th January to officially launch Tatweer Petroleum, during which the Tatweer Petroleum flag will be raised and a commemorative plaque unveiled.

Dr. Abdul Hussain bin Ali Mirza, Minister of Oil and Gas Affairs and Chairman of the National Oil and Gas Authority (NOGA) will this week welcome top officials to Bahrain for the official launch of a new phase of development of the Bahrain Field, which is led by Tatweer Petroleum.

The Bahrain Oil and Gas industry is currently undertaking an exciting new phase of re-development in the Bahrain Field as part of the Kingdom’s Economic 2030 Vision. The Field, located near Jebel Al Dukhan, has a long and interesting history of over 75 years, having first been discovered in 1932 by His Highness the late Shaikh Hamad bin Isa Al Khalifa who granted the very first oil concession in Bahrain. The discovery led to the establishment of the first producing oil field in the Arabian Gulf.

To maximize recovery of resources in the Field, which is still producing today, a new plan of development has been launched by the Kingdom. The new phase will utilize latest technologies to increase production and deliver additional economic value to Bahrain. This has prompted the establishment of a new alliance between NOGA, and a consortium of Occidental Petroleum Corporation (Oxy) and Mubadala Development Company (Mubadala), forming Tatweer Petroleum, which commenced operations on December 1, 2009.

Tatweer Petroleum combines industry-leading technologies, knowledge and experience of the partners in the utilization of enhanced oil recovery techniques, proven elsewhere to boost oil output.

Officials attending the event will include representatives from all three of the joint venture companies which formed Tatweer Petroleum, including; H.E. Dr. Abdul bin Hussain Ali Mirza, Chairman of NOGA, Dr. Ray R. Irani, Chairman and CEO of Occidental Petroleum Corporation, and H.E. Khaldoon Khalifa Al Mubarak, CEO of Mubadala Development Company.

Tatweer Petroleum is a joint venture operating company comprised of The Kingdom of Bahrain Oil and Gas Holding Company (nogaholding), Occidental Petroleum Corporation and Mubadala Development Company. The company was formed to increase oil and gas reserves and extend the life of the Bahrain Field through a new phase of development. Tatweer Petroleum is committed to safeguarding the environment, protecting the safety and health of employees and neighboring communities and upholding high standards of integrity and social responsibility.

Global Arab Network

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