Gulf Oil and Gas accountACCOUNT

Bahrain Launches $1 bln Energy Fund

Source: Reuters 5/10/2018, Location: Middle East

Share |
Bahrainís government has launched an energy fund that aims to raise $1 billion from local, regional and international investors to develop the kingdomís energy assets, Oil Minister Sheikh Mohammed bin Khalifa al-Khalifa said.

The Bahrain Energy Fund will receive its initial capital from local entities including Nogaholding, the investment arm of Bahrainís National Oil and Gas Authority, as well as from investment banks Osool and SICO, according to the ministerís statement.

It will invest in a range of energy projects across the downstream, mid-stream and upstream sectors, including developments in a newly discovered oil and gas resource.

In April, Bahrain said it had discovered extensive tight oil and deep gas resources off the west coast of the kingdom, estimated to contain some 80 billion barrels of tight oil resources, a form of light crude oil held in shale deep below the earthís surface.

Bahrain, which has sub-investment grade ratings from all three major credit rating agencies, earned $4.3 billion in oil and gas revenue last year and ran a budget deficit of $2.7 billion.

The small non-OPEC Gulf oil producer, with around 124.6 million barrels of proven reserves, gets it oil revenues from two fields: the onshore Bahrain field, and the offshore Abu Safah field, which is shared jointly with Saudi Arabia.

Financials and Investment News in Bahrain >>

Argentina >>  7/12/2018 - FMO has extended a USD 26 million long-term loan to Argentine energy company Genneia to develop two wind farms at Villalonga and Chubut Norte in the p...
Egypt >>  7/12/2018 - Egyptian General Petroleum Corp (EGPC) has hired HSBC to arrange a loan of around $1 billion, five banking sources familiar with the matter said, the ...

India >>  7/9/2018 - Cairn Energy has provided an update on its ongoing arbitration with the Government of India under the UK-India Bilateral Investment Treaty. All of the...
United States >>  7/9/2018 - Based on preliminary reporting from operating units, TGS management expects net revenues for the second quarter of 2018 to be approximately USD 158 mi...

Saudi Arabia >>  7/4/2018 - Saudi Aramco announced that it is adjusting its Asia crude oil pricing marker in an effort to increase the overall reliability of its crude oil pricin...
Morocco >>  7/2/2018 - Sound Energy, the Moroccan focused upstream gas company, is pleased to announce a placing of new ordinary shares to raise US$15 million before costs (...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Bahrain Oil & Gas 1 >> 

More News

 

Oil & Gas Companies in Bahrain >>


Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.