Nogaholding signs letter of intent for joint study of the Khaleej Al Bahrain basin off kingdom's western coast
Bahrain-based Oil and Gas Holding Company, known as Nogaholding, on Tuesday announced it has signed a letter of intent with Chevron, covering a joint evaluation study of the Khaleej Al Bahrain basin and potential liquefied natural gas (LNG) procurement opportunities.
The letter of intent was signed in Manama by Sheikh Mohammed bin Khalifa Al Khalifa, Bahrain's Minister of Oil, and Jay Pryor, vice president of Corporate Business Development, Chevron Corporation.
Under the letter of intent, Tatweer Petroleum, a Nogaholding subsidiary, will work with representatives from Chevron to study the offshore unconventional potential of the basin, a recent discovery that spans 2,000 square kilometres in shallow waters off Bahrain’s western coast.
In addition, Nogaholding representatives and Chevron will explore potential future opportunities in the procurement of LNG by Bahrain.
The minister said: “The appraisal of the unconventional play is underway in line with the directives of the Higher Committee for Natural Resources and Economic Security... to intensify exploration activities.
"We welcome Chevron’s assistance in evaluating this exciting new opportunity which holds huge potential for the kingdom as well as investors. We value our long-standing relationship with Chevron across the energy value chain and see the benefits of maintaining close relations as we look to the future energy needs of the kingdom."
Pryor added: “Chevron has had a presence in Bahrain that dates back to 1929, and we are excited to build on our relationship with Bahrain as the country enters a new phase of energy progression and to provide support in two areas that are a significant strength in Chevron’s portfolio – tight oil and LNG.”For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.