Bahrain to invest more than USD 20 billion in the oil and gas sector

Trade Arabia reported that Bahrain is set to invest more than USD 20 billion in the oil and gas sector in the next 2 decades

Dr Abdulhussain Mirza energy minister of Bahrain said that most would be used as part of a push to try and find lucrative new oil wells and the remainder on upgrading the Bapco refinery. Nearly USD 15 billion will be used by oil exploration company Tatweer Petroleum at its operations in the Bahrain Field, where it will dig 3,600 new oil wells while USD 6 billion has been earmarked for the development and upgrade of the Bapco refinery.

He said that a process to dig deeper than ever before for natural gas is also well underway as is also the USD 350 million Saudi Bahraini crude oil pipeline refurbishing project. Plans are being made in such way that the 55 kilometers pipeline will be routed to circumvent residential and populated areas to spaces outside.

Dr Mirza said that USD 430 million lube base oil project a joint investment venture between National Oil and Gas Authority Holding, Bapco and Finland's Neste Oil Company is almost complete and would begin operations soon. Another project in the offing is the USD 120 million waste water treatment project between Bapco and Korea's GS Engineering and Construction Company which will be completed in 2012.

He said that confidence was fast returning to Bahrain after the recent unrest. Contax Partners setting up their regional headquarters in the country is a sure sign of that. We are sure this step will prove to be a catalyst for more international players to set up their base in Bahrain.

Dr Mirza said that Noga welcomed foreign investment and played a vital role in attracting them to the energy field and its supporting services. Noga also provides support to overcome difficulties in order to boost business growth and investment for the development of Bahrain.

Mr Filippo Fantechi CEO of Contax Partners said that the launch of its Bahrain headquarters was another step forward for the company which has been in the Middle East energy industry for more than 25 years. We look forward to take these relationships to new horizons.

(Sourced from Trade Arabia)