FINANCIAL NEWS

Bahrain awards gas contract to Occidental

13 Mar 2012

(MENAFN) Bahraini Oil Minister Abdul Hussain Mirza announced the award of a contract to Occidental Petroleum to explore for natural gas deposits in the country, Bloomberg reported.

Mirza said that his country wants to develop the resources at depths between 15,000 and 20,000 feet in order to boost its gas production capacity to meet domestic demand.

Occidental has already started exploration works, and will drill three exploration wells during the first four years of the seven-year contract at their own expense, Mirza explained.

He added that in the event of discovering gas deposits the two parties will devise a “formula for sharing the project”.

He also unveiled that Bahrain will award a tender to build a liquefied natural gas import terminal by year-end, targeting to import 400 million cubic feet of natural gas.

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