Media Center
2016-07-26
His Excellency Shaikh Mohammed bin Khalifa bin Ahmed Al Khalifa Minister of Oil issued an Order in July 2016, according to which the management of Tatweer Petroleum Company has been assigned to the board of National Oil and Gas Authority (NOGA), which oversees the oil and gas sector development and diversification on behalf of the Government of the Kingdom of Bahrain.
Recently, the Government of Bahrain acquired Tatweer shares from Occidental and Mubadala.
The resolution states that of the Tatweer Board of Directors term will be for a period not exceeding one year renewable.
In March, NOGA entrusted nogaholding company to buy the shares of the US company Occidental and the UAE's Mubadala for the Bahrain Field development.
Under the new arrangement, the development of Tatweer, now fully owned by Bahrain government, will continue to routinely implement development plans and investment projects to ensure the strategic and operational objectives of the company are achieved and oil and gas production levels increased from the reservoirs of the Bahrain Field.
NOGA has formed a high level committee to ensure business continuity, according to time-bound plans spread over the next five years with the highest levels of safety and efficiency and without affecting the technical and administrative aspects as well as the manpower. The committee embarked on the implementation of an action plan drawn up by NOGA for the new phase to ensure further development of the company and its operations, maintaining the gains accomplished in the last five years and build on it to achieve the desired strategic objectives.
NOGA officials praised the key role played by both Occidental and Mubadala during their partnership in the project, which spanned over five years and for the services provided by the two companies in the field of advanced technology and for training technical cadres.
