Bahrain’s National Oil and Gas Holding Company (NOGA Holding) and Baker Hughes, a GE Company (BHGE) have signed a memorandum of understanding (MoU), Reuters reported.
This MoU is expected to enhance cooperation between Bahrain and BHGE in the oil and gas sector, NOGA Holding said in a statement.
In addition, this agreement will allow BHGE to explore opportunities, increase efficiency levels, and contribute positive and constructive support for the process of economic growth in the Kingdom of Bahrain.
NOGA Holding is the investment and business development arm of the Bahraini National Oil and Gas Authority (NOGA), which is responsible for all petroleum and gas related issues in Bahrain.
Bahrain aims at increasing production from conventional and unconventional reserves. Last year, the country’s first shale oil project was announced, with reserves of at least 80 billion barrels of crude oil. It is expected to begin production in Q4 2019.