Tatweer Development Company (Tatweer Petroleum), a joint venture between Bahrain, UAE and US firms, will be launched in Bahrain.
Occidental Petroleum Corporation, Mubadala Development Company (Mubadala) and the National Oil and Gas Authority of Bahrain (Noga) are partners in the new joint operating company.
The company will operate under the development and production sharing agreement signed in April last year by the three partners, approved by the Bahraini parliament in May and ratified by King Hamad.
Bahrain Oil Holding Company contributes in the capital of the new firm, while the remaining part will be divided evenly between Occidental and Mubadala.
‘The establishment of the joint venture is to double Bahrain Field oil output and upgrade its gas potential’ Oil and Gas Affairs Minister and Noga chairman Dr Abdulhussain Mirza said.