nogaholding signs joint study agreement with Chevron

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The Oil and Gas Holding Company (nogaholding) signed a Joint Study Agreement with Chevron Middle East Business Development. (Chevron) with the aim of evaluating the Kingdom’s future gas demand, identifying potential supply sources to meet these requirements and supporting a future supply chain for Bahrain’s Liquified Natural Gas (LNG) terminal.

The Agreement was signed today in Manama in the presence of Shaikh Mohammed bin Khalifa Al Khalifa, the Minister of Oil, by Mazen Matar, Chairman of Bahrain LNG WLL on behalf of nogaholding and Bassem Battisha, Chevron’s Country Chairman for Bahrain.

Today’s signing was also attended by Deepak Kothari, Vice President, Chevron Middle East, General Manager, Business Development and several Chevron executives who joined the ceremony virtually. Present were also representatives in Bahrain from the US Embassy and American Chamber of Commerce.

The minister welcomed the signing of the agreement that supports Bahrain’s efforts in developing the natural gas national grid and enhances the national economy through collaboration with international expertise.

Shaikh Mohammed praised the close relationship with Chevron as one of the leading American companies in the region and one of the international major oil and gas companies in the fields of exploration, production and supply of oil and gas. He added that he appreciated the achievements reached by the close relations between the two parties in various oil and gas sectors.

The minister emphasized the importance of the agreement that evaluates the gas supply and demand in the local market and creates a model for future strategic planning, decision making and ensuring continuous supply of natural gas in the Kingdom.

It is in line with numerous developmental needs and population increase, as well as efforts to establish a network of gas pipelines to connect Bahrain with the rest of the GCC countries.

Given the impact of Covid-19 pandemic to the oil & gas sector, the minister highlighted the importance of extended studies to combat the challenges.

“We highly value Chevron efforts and continued cooperation to support the oil and gas industry, in particular, the natural gas sector in the Kingdom of Bahrain,” Mazen Matar said.

“This sector is witnessing, under the leadership of H.E. Minister of Oil, the execution of several pioneering projects to develop the gas infrastructure, including the completion of the first liquified natural gas terminal located more than four kilometers northwest of Khalifa bin Salman Port”.

The terminal consists of a floating storage unit, a port and a sea barrier, an adjacent platform for regasification of liquified natural gas, underwater pipes to transfer the gas from the terminal to the shore, an onshore facility to receive the gas, in addition to an onshore facility for nitrogen production.

Bassem Battisha said that Chevron and nogaholding now wish to collaborate jointly on certain studies related to gas supply and demand in Bahrain.

“Chevron has a long history and an ongoing business connection with the Kingdom which spans across the energy value chain.  We are delighted to continue our cooperation with the Kingdom.”

Shaikh Mohamed said Bahrain appreciated Chevron’s contribution in evaluating the potential opportunity for the Kingdom as well as for the investors.

Chevron reiterated its support to Bahrain in both LNG and tight oil.

BNA(R)

SOURCE: BIZBAHRAIN

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