Bahrain King Abolishes National Oil and Gas Authority

September 28, 2021

Bahrain flag - Credit:benetma/AdobeStock
Bahrain flag - Credit:benetma/AdobeStock

Bahrain's king issued a royal decree on Monday abolishing the National Oil and Gas Authority (NOGA), with all its functions to be undertaken by the oil ministry, the state-run Bahrain News Agency said.

"All the financial appropriations allocated for NOGA in the state budget and all its rights and obligations shall be transferred to the Ministry of Oil," BNA said, adding all of NOGA's employees will also be transferred to the ministry and retain their rights and benefits.

NOGA has raised funds in the debt capital markets several times over the past few years, including a $600 million issuance of sukuk, or Islamic bonds, in April.

It has $2.25 billion in outstanding conventional bonds, according to Refinitiv data.

(Reporting by Yousef Saba; editing by David Evans)




Current News

Shell's Giant Prelude FLNG Unit to Remain Shut for Longer as Pay Dispute Continues

Shell's Giant Prelude FLNG Unit to Remain Shut for Longer as Pay Dispute Continues

Boskalis Lifts Profit Outlook as Demand for Offshore Wind Grows

Boskalis Lifts Profit Outlook as Demand for Offshore Wind Grows

Magseis Fairfield Firms Up SE Asia OBN Survey Deal

Magseis Fairfield Firms Up SE Asia OBN Survey Deal

Port of Aberdeen: Offshore Renewable Charging Hub in the Works for Idle Vessels

Port of Aberdeen: Offshore Renewable Charging Hub in the Works for Idle Vessels

Subscribe for OE Digital E‑News

Offshore Engineer Magazine