Bahrain allows foreign ownership of oil, gas drilling activities

MANAMA, June 2 (Xinhua) -- Foreign companies will be allowed to practice oil and gas drilling activities in Bahrain, a decree by Bahraini Prime Minister Khalifa bin Salman Al Khalifa said on Sunday.

The Bahrain News Agency reported that according to new rules, foreign companies will be allowed to take 100 percent of ownership of oil and gas drilling activities under an agreement with the government on exploration and production of oil and natural gas in Bahrain.

Bahrain last year announced that it had discovered 80 billion barrels of oil and 10-20 trillion cubic feet of deep gas resources off the west coast of the country.