Oil, gas projects to boost revenue

Manama : Three major projects in the oil and gas industry are expected to generate ‘substantial’ additional revenue, according to Shaikh Mohammed bin Khalifa bin Ahmed Al Khalifa, Minister of Oil and Chairman of Nogaholding. He said that the Banagas expansion project is expected to result in substantial additional revenue. 

“Nogaholding is in the construction phase of the Banagas expansion project in the gas processing sector.  Once completed, this project will generate substantial additional revenues from increased production of natural gas liquids and, importantly, will provide significantly increased supply of natural gas to the industrial network in Bahrain.  

Nogaholding will also soon complete the new crude oil pipeline between Abqaiq and Bahrain. This will be a critical piece of infrastructure to support increased refining capacity at Bapco, and reflects the unbreakable ties between Bahrain and Saudi Arabia, as well as the close commercial relationship between Bapco and Saudi Aramco, a relationship that has spanned over 70 years. For my own part, I am perhaps most excited about the opportunities we see in the upstream part of our portfolio across both oil and gas, with Tatweer now under full control of Nogaholding,” he said. 

Minister said that the flagship projects; the Bapco Modernisation Programme, the Banagas expansion project, and new crude oil pipeline between Abqaiq and Bahrain are making ‘strong progress’. 

“These projects are forecast to generate substantial additional revenues from increased refining capacity and enhanced product slate at Bapco, enhanced liquid petroleum gas capture and expanded natural gas production for the Kingdom.  Our investment in the new crude pipeline reflects the unbreakable ties between the Kingdoms of Bahrain and Saudi Arabia, as well as the close commercial relationship between Bapco and Saudi Aramco, a relationship that has spanned over 70 years,” he said.