MUBADALA DEVELOPMENT COMPANY (Mubadala) and the National Oil and Gas Authority (Noga) have set up a new joint operating company. The Tatweer Petroleum-Bahrain Field Development Company (Tatweer Petroleum), will serve as the operator for the Bahrain Field. The company will operate under the development and production sharing agreement signed in April by the partners, including Occidental Petroleum, and approved by the Bahraini parliament in May.
Iraq managed to license seven out of 10 offered oilfields, ending its two-day auction on a high note, after only the two largest fields offered during the first day had been taken. Relatively fierce competition was expected for most of Iraq's mega-fields, with some of the lesser fields in the south also seeing a number of highly interested suitors in the run-up to the bidding.
PETROMAL, THE OIL and gas explorer funded by Abu Dhabi, aims to take advantage of its cash-rich position and turmoil in the world energy markets to build resources and output almost from scratch. The Iraqi government's sale of oil and gas development rights is one of the opportunities Petromal seeks to exploit to gain access to supplies and build technical expertise, chief executive officer Radhwan Al Sa'adi said in an interview.
LEAST AFFECTED BY the current global economic meltdown, the Saudi petrochemical companies are poised to make an aggressive entry into more foreign markets at the expense of their counterparts in Europe.
OMAN HAS NO plans to cut oil production this year, said a top oil and gas ministry official after the country managed to arrest six-year production decline. "We plan to increase the daily production of crude oil and condensates from 757,000 bpd in 2008 to 805,000 bpd this year,