Bahrain, Chevron Mull Joint LNG Procurement
Bahraini state-owned Oil and Gas Holding Company (Noga) April 2 signed a letter of intent with US major Chevron, covering exploration and LNG procurement, Bahrain News Agency reported the same day.
As per the LoI, Tatweer Petroleum, a Noga subsidiary, will work with Chevron to study the offshore unconventional potential of the Khaleej Al Bahrain (KAB) basin, a recent discovery that spans 2,000 km2 in shallow waters off Bahrain’s western coast. In addition, Noga and Chevron will explore potential future opportunities in the procurement of LNG by Bahrain, the state-owned news agency reported.
"The appraisal of the KAB unconventional play is underway in line with the directives of the Higher Committee for Natural Resources and Economic Security, chaired by His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince, Deputy Supreme Commander and First Deputy Prime Minister, 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,” said Shaikh Mohammed bin Khalifa Al Khalifa, Bahrain’s oil minister.
The LoI was signed in Manama by Al Khalifa and Jay Pryor, Chevron’s vice president of corporate nusiness development.
"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," Pryor said.