Bahrain signed an agreement with the world’s largest oil company, ChevronTexaco, Tuesday for the exploration of Block 5 in the Eastern Offshore area of Bahrain, said Bahrain Tribune.
Bahrain’s oil minister, Sheikh Issa bin Ali Al Khalifa, said Bahrain and ChevronTexaco shared a long and friendly relationship, and added that the agreement was designed to offer utmost benefit to Bahraini contractors and citizens.
“As a policy, we always ask our partners in such deals to use Bahraini contractors and sub-contractors and we are sure the advantage of working with an international organization such as Chevron Texaco will benefit our local organizations and percolate to Bahraini citizens as well,” Sheikh Issa said.
Work on the project is expected to begin immediately and of the two oil wells to be drilled, the first is expected to be completed by the end of 2002 – Albawaba.com
