Bahraini Prime Minister Sheikh Khalifa bin Salman Al Khalifa issued an edict which would allow foreign companies to own 100% of oil and gas drilling projects, according to a statement posted on Bahrain News Agency.
In order to be eligible, the foreign parent company must have signed or be in the process of signing an exploration and production agreement with Bahrain.
The kingdom’s oil minister, Sheikh Mohammed bin Khalifa Al Khalifa, noted that the edict would facilitate the procedures of the international oil companies contracted, and would allow them to follow through on their obligations without compromising the state’s ownership over natural resources.
The International Monetary Fund forecasts that Bahrain’s oil revenues will make up 5.4% of GDP in 2019, and 5.7% in 2020, not in line wiht the 6.2% and 6.6% noted in the fiscal adjustment programme.
