FINANCIAL NEWS

Tatweer boosts Bahrain’s crude output in 2011

29 Feb 2012

(MENAFN) Bahrain said it boosted output in 2011 at Abu Saafa oilfield, which is shared with neighboring Saudi Arabia, Bloomberg reported.

Oil Minister Abdul Hussain Ali Mirza said that Tatweer Petroleum, a joint venture between Occidental Petroleum, Abu Dhabi’s Mubadala Development and National Oil & Gas Authority of Bahrain, was behind the output improvement.

300,000 barrels per day flowed from Abu Saafa field, Bahrain’s oldest oilfield, last year, with Bahrain receiving half of that amount, Mirza said.

The minister added said that Bahrain recovered 552 billion cubic tons of natural gas last year and plans to build a sea port for liquefied gas.

Occidental drilled a first oil-exploration well in southwestern Bahrain last year and will drill an additional two wells in this year as part of an agreement with the government, Mirza said.

CEO Adel Almoayyed said in a September that Tatweer looks aims to boost output to 70,000 barrels per day by 2016 from Abu Saafa oilfield.

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