By IANS,
Dubai : In a bid to boost the productivity of its only oilfield, Bahrain will tie up with a global oil firm and deploy the latest technology to this end.
A weekly cabinet meeting chaired by Bahrain’s deputy premier Shaikh Mohammed Bin Mubarak Al Khalifa reviewed the feasibility of the Bahrain Oil Field undergoing a major development with help from global oil firms, the state-run Bahrain News Agency (BNA) reported.
The cabinet agreed in principle to set up a new joint venture firm with a global oil firm to be shortlisted through a tender process. The firm will take up the work to develop the productivity of the Bahrain Oil Field.
The cabinet’s decision was in line with a memo presented by Bahrain’s oil and gas affairs minister and chairman of the National Oil and Gas Authority (NOGA) Abdulhussain Mirza, the BNA report said.
Bahrain’s oil reserves stood at 125 million barrels as of January 2008.
The country exports much of its oil as refined petroleum rather than crude oil.