Bahrain to attract international companies’ investment in marine blocks

Bahrain to attract international companies’ investment in marine blocks

Tatweer Petroleum Company has carried out a series of advanced geological and geophysical surveys, and drilled a number of experimental wells, as part of its intensified efforts in the fields of oil and gas exploration and drilling. The company has recently conducted an advanced aerial geological survey of large areas in the Kingdom, in addition to an advanced, high-resolution geophysical survey that covered most marine areas. The company's exploration team analysed the results of these surveys, the information about exploration wells, as well as the approved and published regional information and scientific papers, in cooperation with major international consulting companies, and detected some marine areas with potential quantities of oil and gas. Based on its findings, Tatweer Petroleum completed all the technical and logistical preparations and procedures to pave the way for international companies' investment in the marine blocks at the beginning of year 2021, through signing Exploration and Production Sharing Agreements with them. It is worth noting that Bahrain had signed an Exploration and Production Sharing Agreement (EPSA) for Block 1 with the Italian company, Eni. Under the agreement, Eni will pursue exploration activities in the offshore area located in the northern territorial waters of the Kingdom