Mubadala Petroleum together with partner Occidental have reached an agreement with the Bahraini authorities to exit Tatweer Petroleum, the joint operating company that has managed Bahrain Field operations since 2009.
Confirming the development, a spokesperson for Mubadala said: “Significant advances have been made in production and efficiency of operations at the field under the leadership of the partners, and the time is now right to transfer full responsibility for the asset into Bahraini hands.
“Arrangements have been made for a smooth transition and we are confident the field will continue to be developed to the benefit of the people of Bahrain by Tatweer,” the spokesperson said.
Bahrain, which is not a member of Organisation of the Petroleum Exporting Countries (OPEC), produced about 48,000 barrels per day of oil in 2013, the least amount for any country in the Gulf region, according to US Energy Information Administration.
Total petroleum production capacity at the Bahrain Field is expected to rise to 100,000 barrels per day by 2018.
Bahrain, like other oil producing countries, is struggling due to low oil prices. It is undertaking reforms to cut subsidies and raise fuel prices.
