Bapco to award exploration and production sharing agreement for Offshore Block 2, 3 and 4, Bahrain

This follows a similar ceremony recently held to inaugurate the award of Offshore Blocks 3 and 4 to Occidental Petroleum Corporation.

H.E. Minister of Oil & Gas, in a statement, explained that the EPSAs will require PTTEP to drill two wells to the Khuff formation and Occidental to drill three wells to the Arab Formation, following a comprehensive geological study and seismic survey for the area. The total exploration period will be six years, and in case of a discovery, the production term will be 24 years.

H.E. reaffirmed that the signing of EPSA is a historic event, a milestone in the process for the development of oil and gas resources and the beginning of other future projects in this sector. He added that this step is in line with the directions of H.M. King Hamad bin Isa Al Khalifa's overall reforms to increase and diversify the Kingdom's income and resources to improve the standard of living for its citizens.

H.E. also extended his wish for PTTEP and Occidental to succeed in the oil exploration in the offshore blocks, and increase the oil resources in order to meet the Kingdom's demand for energy, wishing for these agreements to be a good beginning for more oil exploration.

The launching ceremony will be attended by members of the National Oil and Gas Authority and the executives in the NOGA and the oil companies, in addition to local and international media.