Nogaholding, Chevron sign Letter of Intent

Manama, Apr. 2 (BNA): The Oil and Gas Holding Company B.S.C (c) (Nogaholding) today announced it has signed a Letter of Intent with Chevron, covering a joint evaluation study of the Khaleej Al Bahrain (KAB) basin and potential Liquefied Natural Gas (LNG) procurement opportunities. The letter of intent was signed today in Manama, Bahrain, by Shaikh Mohammed bin Khalifa Al Khalifa, Bahrain Minister of Oil, and Mr. Jay Pryor, Vice President of Corporate Business Development, Chevron Corporation. Shaikh Mohammed bin Khalifa said: "The appraisal of the KAB unconventional play is underway in line with the directives of the Higher Committee for Natural Resources and Economic Security, chaired by His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince, Deputy Supreme Commander and First Deputy Prime Minister, to intensify exploration activities’’ "We welcome Chevron’s assistance in evaluating this exciting new opportunity which holds huge potential for the Kingdom as well as investors. We value our long-standing relationship with Chevron across the energy value chain and see the benefits of maintaining close relations as we look to the future energy needs of the Kingdom," the minister added. Under the letter of intent, Tatweer Petroleum, a Nogaholding subsidiary, will work with representatives from Chevron to study the offshore unconventional potential of the KAB basin, a recent discovery that spans 2,000 square kilometers in shallow waters off Bahrain’s western coast. In addition, Nogaholding representatives and Chevron will explore potential future opportunities in the procurement of LNG by the Kingdom of Bahrain. Mr. Jay Pryor, Vice President of Chevron Business Development said: "Chevron has had a presence in Bahrain that dates back to 1929, and we are excited to build on our relationship with Bahrain as the country enters a new phase of energy progression and to provide support in two areas that are a significant strength in Chevron’s portfolio – tight oil and LNG." Also present at the signing ceremony were Mr. Bassem Battisha - Country Chairman Chevron Bahrain and Mr. Bob Dastmalchi - Vice President EEME Business Development.