Bahrain’s Oil Minister Sheikh Mohammed bin Khalifa Al Khalifa has highlighted the launch of five new oil and gas projects, designed to be financially self-sustainable and which will add to the kingdom’s natural resources as he participated, as the guest of honour, at the Falak Consulting quarterly power lunch.
He stressed that, due to their financial appeal, the projects have already gained significant investment from local, regional and global banks, according to the Bahrain News Agency.
The key projects include the exploration of deep gas zones in the Bahrain Oil Field and Banagas’ 600mn square feet of associated petroleum gas, which have attracted investment from local banks totalling $515mn.
The projects highlighted by the Oil Minister also include the Bahrain LNG Import Terminal, the first in the kingdom with an ability to dock, transport and store LNG, and financed by a consortium of international banks totalling $741mn, and Bahrain Petroleum Company’s (Bapco) modernisation programme, the single largest investment in Bapco’s history, set to increase refinery competitiveness, improve energy efficiency and meet environmental compliance valued at $5bn.
