Bahrain selects Texaco and Petronas to drill for oil and gas

Sep 24, 2001 02:00 AM

Bahrain said it has chosen US oil major Texaco and Malaysian state oil corporation Petroliam Nasional (Petronas) to drill for oil and gas. The decision was taken at a cabinet meeting chaired by Prime Minister Sheikh Khalifa bin Sulman Al Khalifa.
It said the cabinet asked Oil Minister Sheikh Isa bin Ali Al Khalifa to "follow up measures with the two companies to begin drilling." In April, 10 international oil firms submitted bids to explore for oil and gas in Bahrain's territorial waters after the World Court ruled on a border dispute with neighbouring Qatar.

Bahrain signed an agreement with Chevron in 1998 to drill in northern and eastern offshore areas close to Saudi Arabia, the world's biggest exporter of oil. The island state, which was the first Gulf Arab country to find oil in commercial quantities in 1932, also has another agreement with Texaco to study the potential for oil and gas exploration.
Bahrain is an independent oil producer, pumping around 40,000 bpd from its own fields and gets the entire output of 140,000 bpd from Abu Safa offshore field, which it shares with Saudi Arabia. It also imports around 200,000 bpd of Saudi crude for refining.

Source: Gulf News Online
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