ABU DHABI, Nov 16 (Businesshala) – Bahrain’s National Oil and Gas Authority (NOGA) will transition into an energy company that will look at energy resources outside fossil fuels, an official said on Tuesday.
The King of Bahrain issued a royal decree in September abolishing the National Oil and Gas Authority (NOGA), all of whose functions were to be carried out by the Ministry of Oil.
“We are now looking at the future of transition, moving this company from an oil and gas company to an energy company”, said Mohamed bin Mubarak bin Diana, Special Envoy for Climate Affairs and Supreme Council for the Environment of Bahrain Chief Executive said.
“This will help us look at the climate change impact, energy mix and diversification of energy sources”, he said while speaking to reporters on the sidelines of the ADIPEC Oil and Gas Forum in Abu Dhabi.
Bahrain, one of the economically weakest and most indebted countries in the oil-rich Gulf, is expected to sell oil and gas assets in recent years, following moves by neighboring oil giants Saudi Arabia and Abu Dhabi, sources said earlier. told Businesshala.
When asked about those plans, Bin Diana said nothing was planned “too soon”, without elaborating. When asked, he also did not rule out the possibility of a public listing for the new energy company.
NOGA has raised funds several times in debt capital markets over the years, including in April through a $600 million issue of sukuk, or Islamic bonds.
Bin Diana said the company could re-issue the debt if needed.