• The 2022 approved consolidated financial statement showed strong performance.
  • Affirmed nogaholding’s commitment to accelerating Bahrain’s energy transition.

Manama: His Highness Shaikh Nasser bin Hamad Al Khalifa, His Majesty’s Representative for Humanitarian Works and Youth Affairs, Chairman of the Oil and Gas Holding Company B.S.C. (closed) (“nogaholding”), presided over the first Board of Directors meeting of 2023.

His Highness was presented with the consolidated financial statement for 2022, which highlighted the Company’s financial performance and efforts. This comes as nogaholding drives its efforts to achieving the vision and goals set by the Kingdom’s wise leadership, His Majesty King Hamad bin Isa Al Khalifa and His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister of Bahrain in the development of the oil and gas sector.

During the meeting, Mr. Mark Thomas, Group Chief Executive Officer presented the Executive Management report for the first quarter of 2023, addressing the company’s latest developments and transformation plans across the Group. The report also showcased the progress being made on several key strategic projects such as the Bapco Modernization Programme and the exploration and development of the Bahrain Field by Tatweer Petroleum.

Addressing the Board of Directors, His Highness praised progress being made on the transformational National Energy Strategy, aiming to power the ongoing development of Bahrain’s economy responsibly and sustainably. This includes optimizing demand, diversifying the energy mix, and providing secure and affordable energy to support Bahrain’s economic growth.

His Highness commended nogaholding and its efforts in driving efficiency and increasing productivity across the Group’s operating companies and pursuing its commitment towards sustainable energy through new technologies such as carbon capture, in line with the Kingdom of Bahrain’s Economic Vision 2030.

The Board was also presented with further updates, including the approved Group objectives for 2023, the financial strategy and upcoming projects.

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