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OXY Forms Joint Co. to Further Develop Bahrain Field

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Published at: www.rigzone.com

Michael Lynch, Consultant

Michael LynchConsultantMichael E. Lynch What is a GLG Leader?|The Gerson Lehrman Group&reg; (GLG) Leader Program<sup>SM</sup> is our premium Member Program<sup>SM</sup>. Those identified as GLG Leaders are in the top 5% of GLG CouncilRank and have an exclusivity agreement with GLG.

OXY et al to redevelop 67 year old Awali oil field on Bahrain Island

November 15, 2009

Occidental Petroleum Corporation, Mubadela Development Company and the National Oil and Gas Authority of Bahrain announced the creation of an operating company under a production sharing agreement signed in April of 2009. The joint company named Tatween Petroleum will begin work immediately. Composition of the redevelopment team will be mainly ex-Bahrain Petroleum Company employees. The revitalization of this old field represents a paradigm shift for the oil industry on Bahrain Island.

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