HomeBusinessBahrain oil and gas authority to transition to 'energy company'

Bahrain oil and gas authority to transition to ‘energy company’

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ABU DHABI – The Bahrain National Oil and Gas Authority (NOGA) will become an energy company that will seek energy resources outside of fossil fuels, an official said Tuesday.

The King of Bahrain issued a royal decree in September abolishing the National Oil and Gas Authority (NOGA), with all its functions under the Ministry of Petroleum.

“We are now looking to the future of the transition, transferring this company from an oil and gas company to an energy company,” said Mohamed bin Mubarak Bin Daina, Special Envoy for Climate Affairs and Executive Director of the Supreme Council for the Environment of Bahrain. .

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“That will help us to analyze the impact of climate change, the energy mix and the diversification of energy sources,” he said, speaking with journalists about the guidelines of the ADIPEC oil and gas forum in Abu Dhabi.

Bahrain, one of the financially weakest and most indebted countries in the oil-rich Gulf, is expected to sell oil and gas assets, following steps taken by neighboring oil giants Saudi Arabia and Abu Dhabi in recent years, sources previously said. to Reuters.

When asked about those plans, Bin Daina said nothing had been planned “very soon”, without elaborating. Nor did he exclude, when asked, the possibility of a public listing for the new energy company.

NOGA has raised funds in the debt capital markets several times in recent years, including an issue of sukuk, or Islamic bonds worth $ 600 million, in April.

Am Daina said the company could reissue debt, if necessary.

(Reporting by Yousef Saba and Alex Lawler, written by Davide Barbuscia; Edited by Kirsten Donovan)

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