In April 2009, Mubadala signed a Development and Production Sharing Agreement (DPSA) with the National Oil and Gas Authority of Bahrain (NOGA), Occidental Petroleum and NOGAHOLDING for the further development of the Bahrain Field.

Under this agreement, Tatweer Petroleum was formed to serve as operator for the project under the DPSA. Occidental holds a 48 percent interest in the DPSA, Mubadala holds a 32 percent interest and a subsidiary of NOGA holds the remaining 20 percent.

 

Under this agreement, Tatweer Petroleum was formed to serve as operator for the project under the DPSA. Occidental holds a 48 percent interest in the DPSA, Mubadala holds a 32 percent interest and a subsidiary of NOGA holds the remaining
20 percent.Under this agreement, Tatweer Petroleum was formed to serve as operator for the project under the DPSA. Occidental holds a 48 percent interest in the DPSA, Mubadala holds a 32 percent interest and a subsidiary of NOGA holds the remaining 20 percent.

 

 

Operations were handed over to Tatweer Petroleum on 1st December 2009. Re-development activities commenced immediately. Oil production from the field is expected to more than double to approximately 75,000 barrels per day within five years and grow to a peak level of more than 100,000 barrels per day thereafter. Gas production capacity is expected to grow from the current level of 1.7 billion cubic feet per day to over 2.5 billion cubic feet per day under the Field Development Plan. Mubadala's working interest share of production was approximately 26.6 million barrels of oil equivalent in 2010.