Bahrain’s Oil and Gas Holding Company nogaholding, which has rebranded to Bapco Energies, said it is revamping its operations as the company aims to focus on renewables and new technologies.
Under Bapco Energies, the existing operating companies – including Bahrain Petroleum Company, Bahrain National Gas Company, Bahrain National Gas Expansion Company, Bahrain Aviation Fuelling Company, Tatweer Petroleum and Bapco Retail Company – will be integrated and rebranded into seven businesses over the next three years, the company said in a statement on Tuesday.
“The seven businesses include three new ventures focused on maximising enterprise value through trading and investing in new technologies and renewables,” it added.
Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister of Bahrain, on Tuesday inaugurated Bapco Energies, the new brand identity of nogaholding.
Bapco Energies plays a key role in fulfilling the kingdom’s growing demand for energy and supporting economic growth in line with the Economic Vision 2030.
“Energy security is confronted with the realities of the world we live in and we need to implement a forward-thinking transition road map, mobilised by a diversified mix of energy sources, while ensuring we meet our climate action commitments,” said Sheikh Nasser bin Hamad Al Khalifa, chairman of Bapco Energies.
“We are evolving from a traditional oil and gas holding company into one that is innovative, progressive, open, ambitious and will support us as we secure our energy future.
“Embracing renewable energy not only unlocks new investments, but also fuels innovation in financing, fosters collaboration among technology leaders, and creates economic opportunities for the nation.”
Nogaholding is preparing to undergo a strategic transformation, moving from a traditional oil and gas holding company to a “progressive and responsible” energy company.
Under these efforts, in January, it signed a $200 million revolving credit facility led by Al Baraka Islamic Bank and a syndicate of lenders. The facility was structured as an Islamic Murabaha financing scheme.
In November, Bahrain, the Arabian Gulf’s smallest oil producer, made two new gas discoveries amid efforts by the government to boost natural gas production in the country.
The new discoveries were made in the unconventional Al Juba and Al Jawf reservoirs, nogaholding said.
In 2018, Bahrain said it had found up to 20 trillion cubic feet of gas offshore and 80 billion barrels of shale oil, which it hopes to produce in five years with the potential help of international energy companies.
Demand for gas has surged in recent years, as top energy-consuming nations focus on cutting emissions to limit global warming and protect the environment.
