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Mon 18 Jan 2010 08:29 AM

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New Bahraini, UAE and US oil firm to be launched

New joint venture company set to double Bahrain Field oil output - oil minister.

New Bahraini, UAE and US oil firm to be launched
OIL FIRM: The Tatweer Development Company (Tatweer Petroleum) will double the Bahrain Field oil output. (Getty Images)

A new Bahraini, UAE and US oil development company will be launched on Wednesday, it has been reported.

The Tatweer Development Company (Tatweer Petroleum) will double the Bahrain Field oil output, officials told Gulf Daily News.

The firm, a joint venture between Occidental Petroleum Corporation, Mubadala Development Company (Mubadala) and the National Oil and Gas Authority of Bahrain (Noga), will be based at the site of Bahrain’s first oil well at Jebel Dukhan

Tatweer will operate under the terms of the development and production sharing agreement signed by the three partners in April, the paper reported.

"The establishement of the joint venture is to double Bahrain Field oil output and upgrade its gas potential" Oil and Gas Affairs Minister and Noga chairman Dr Abdulhussain Mirza told the paper.

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