Bahrain’s state-owned Bapco Energies has secured $500 million from the United States Export-Import Bank (US EXIM) to develop its energy resources.

The funding will be used to expand operations at the Bahrain Field Expansion and Development Programme in the southern part of the country, the company said in a statement.

The medium-term development programme comprises several oil and gas  projects to maximise onshore oil and gas production as well as recovery, according to the company’s website.

The programme includes the drilling and commissioning of new gas wells and appraisal of the newly discovered resources. It also involves drilling and commissioning new oil wells and developing additional oil production facility enhancements.

J.P Morgan Chase & Co. acted as the mandated lead arranger and disbursement agent on the transaction funded through the Private Export Funding Corporation. 

A rigorous feasibility study was conducted in line with US EXIM’s environmental and social procedures before the funding was approved, the statement said.

(Editing by Anoop Menon) (anoop.menon@lseg.com)

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