The Gazprom Headquarters hosted today a working meeting between Alexey Miller, Chairman of the Company’s Management Committee and Abdul Hussain bin Ali Mirza, Chairman of the National Oil & Gas Authority of the Kingdom of Bahrain.

At the meeting the parties signed a Letter of Intention confirming the joint effort to explore the new possibilities for the bilateral relations. Additionally, an agreement was reached relevant to defining the areas of mutually beneficial cooperation in the oil and gas sector.

Background:

In 2008 Bahrain’s proven gas reserves accounted for 91 bcm, with the prevalence of associated gas from the Awali field. The country produces and consumes approximately 11 bcmpa of gas.

The Bahrain National Gas Company Banagas was incorporated in 1979 with the objective of gathering previously flared associated gas in the Awali field. Banagas is 75 per cent owned by the Government of Bahrain, 12.5 per cent by the Arab Petroleum Investment Corporation (APIC) and 12.5 per cent by Caltex Bahrain (Chevron).

In 2008 Bahrain’s proven oil reserves stood at 17 mln t, all of which are located in the Awali field. Additionally, Bahrain receives a 50 per cent (7.5 mln t per year) share of oil produced from the offshore Abu Saafa field.

In 2007 Bahrain’s national oil (excluding oil from the Abu Saafa field) and petrochemicals production totaled 1.89 mln t and 150 thousand t respectively, with oil consumption at 1.74 mln t.