R Casey Olson explains role of Bahrain offshore exploration blocks in exclusive Oxford Business Group interview

He asserted that his company, in many years of oil and gas operations in the Middle East region, had built a strong understanding of prospective trends for future exploration in the area.

"This, combined with information provided by the government of Bahrain, has resulted in a number of ideas that could lead to the discovery of new oil and gas fields in the kingdom," he said.

"Having recently executed the exploration and production sharing agreement for offshore Blocks 3 and 4, we are now taking a completely fresh look at the existing seismic data and the wells drilled to date in these areas.

"This work will also incorporate our regional knowledge and we are optimistic that it will confirm the viability of some new concepts and ideas regarding the prospectivity of both Blocks 3 and 4. In conjunction with this technical work, we are designing an aggressive work programme to test these concepts. We have been encouraged by the results of our evaluation to date."

Olson stressed that the exploration of Blocks 3 and 4 was very much a joint venture between Occidental Oil & Gas and the Bahrain Petroleum Company (Bapco), and they were working very closely to develop and perform the exploration programme.

"Oxy's bid for blocks in Bahrain is consistent with the goal of expanding our position in the Middle East and North Africa - one of our core regions," he said.

"We hope to identify and secure a number of additional projects in the region in 2008. We believe that Bahrain is an excellent country to conduct business in and are looking forward to the opportunity to work with the National Oil and Gas Authority and Bapco for many years to come."

The interview with Olson is one of a series of exclusive interviews with key officials and business leaders in what is considered the most extensive, independent, unbiased and authoritative review of Bahrain available.

Rated as the premier guide for foreign direct investment into the country's vibrant economy, The Report is an invaluable guide to the many facets of Bahrain, including its macroeconomics, infrastructure, political landscape, banking and sectoral developments, and presents a remarkably in depth profile of the country.

The publication, with an international distribution of 73,000, is being produced by a team of six OBG analysts based in Bahrain for six months, who conducted some two hundred interviews with leading political and economic figures.

26% of its subscribers are financial institutions, 21% in energy, 21% in IT and telecommunications, 18% in industry, and 9% in real estate and construction.

33% of them are in Europe, 26% in GCC, 18% in North America, 18% in North Africa and the Levant, and 5% in Asia.

The Report: Bahrain 2008 is published in partnership with primary partner, the Bahrain Economic Development Board, Securities and Investment Company (SICO) as capital markets partner, Ernst & Young as accountancy partner, and Qays H. Zu´bi as legal affairs partner.

Available in print form and online, The Report: Bahrain 2008 is part of the range of OBG's publications, which are renowned as leading sources of information on developing and emerging economies around the world.