Bahrain to set up new oil company

A new Bahrain-based multinational oil development firm is set to launch its operations next Wednesday, Gulf Daily News has reported. The new company, Tatweer Development (Tatweer Petroleum), is a joint venture under the development and production sharing agreement signed in April last year between UAE's Mubadala Development Co., National Oil and Gas Authority of Bahrain (Noga), and US-based Occidental Petroleum Corp. 'The establishement of the joint venture is to double Bahrain Field oil output and upgrade its gas potential,' Dr. Abdulhussain Mirza, Bahrain's oil and gas affairs minister and Noga chairman said.