One Year after "Oil Discovery", Bahrain Signs Letter of Intent with Chevron to Evaluate Discovery and Exploration
2019-04-02 - 6:39 p
Bahrain Mirror: The National Oil and Gas Authority signed on Monday (April 1, 2019) a letter of intent with Chevron Company regarding conducting a joint assessment study for the discovery and exploration of oil in the Gulf of Bahrain region.
Bahrain announced a year ago the discovery of large amounts of shale oil and natural gas in the marine area, before conducting studies on the feasibility of extracting it, which was questioned by analysts and media outlets.
The letter of intent was signed by Mohammed bin Khalifa Al Khalifa, Minister of Oil, and vice president of Business Development for Chevron Corporation Jay Pryor.
Under the letter of intent, Tatweer Petroleum, one of the subsidiaries of the National Oil and Gas Authority, shall work with Chevron's representatives to study unconventional offshore exploration and in the Gulf of Bahrain Basin, as well as searching for potential opportunities to buy liquefied natural gas in the future.
The oil minister said that "non-conventional exploration and prospecting are currently being evaluated", according to Crown Prince Salman bin Hamad's directives to intensify exploration activities.