Bahrain's energy minister Abdul Hussein Mirza said that nearly $15 billion will be invested in the next two decades in projects to develop his country's oil resources, Manama-based Akhbar Al Khaleej daily reports Tuesday.
Bahrain's energy
minister Abdul Hussein Mirza said that nearly $15 billion will be invested in
the next two decades in projects to develop his country's oil resources,
Manama-based Akhbar Al Khaleej daily reports Tuesday.
The projects, being implemented by international firms, aim to triple the oil
output of the Bahrain Field and double natural gas production to 2.7 billion
cubic feet by 2024, Mirza said according to the paper.
The cost of developing Bahrain Field, which started in 2010, will be borne by
Bahrain's state-owned Oil and Gas Holding Co., U.S.-based Occidental Petroleum
Corp. (Oxy), and U.A.E.'s Mubadala Development Co. through their local joint
venture Tatweer Petroleum, the daily reports.
The newspaper cites Mirza as saying that between $6 billion and $8 billion will
be invested to upgrade the refinery of state-owned Bahrain Petroleum Co., the
which is the country's only refinery.
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