Oil and gas have played a significant role in changing the social and economic life as well as the infrastructure of the Gulf Cooperation Council (GCC) states. The oil industry has provided these countries with substantial amounts of money, which made them able to establish several industrial companies and undertake huge investment projects. This has helped them also provide employment opportunities for their citizens, thereby reflecting positively on their standards of living. Oil has a great impact on changing the life of the GCC states to the better.
The oil industry went through several stages in the Kingdom of Bahrain, the most significant of which are as follows:
1925 The Government of Bahrain awarded the first oil exploration concession in Bahrain (2 December)
1929 Bahrain Petroleum Company (BAPCO) was established and registered in Ottawa, Canada (11 January)
1932 Oil was produced in commercial quantities from Well No. 1 (1 June), and from Well No. 2 (25 December)
1934 First shipment of Bahrain crude oil was exported to Japan via El Segundo ship (7 June)
1936 The Bahrain Refinery was inaugurated (1936)
1936 Caltex was established as a joint venture equally owned by Socal and Texaco
1936 BAPCO became an entirely (100%) owned affiliate of Caltex
1945 A pipeline was laid between Saudi Arabia and the Bahrain Refinery to refine a part of the Saudi oil
1959 The first power plant operated by natural gas was opened in Juffair (30 April)
1966 Oil was produced from Abu Safah marine filed (a joint field between Bahrain and Saudi Arabia)
1979 Incorporation of the Bahrain National Gas Company (Banagas), and the Gulf Petrochemical Industries Company (GPIC)
1985 Incorporation of Bahrain Aviation Fuel Company (BAFCO)
1997 The Bahrain Government assumes 100% ownership of the Bahrain Refinery
2005 A Royal Decree was issued with respect to the creation of the National Oil and Gas Authority (NOGA), and in 2007 the Holding Oil and Gas Company was established to be the investment and development arm of NOGA.
2008 Incorporation of the Bahrain National Gas Expansion Company
2009 Incorporation of Tatweer Petroleum Company
2009 Incorporation of Bahrain Lube Base Oil Company (BLBOC)
2010 Incorporation of the Skaugen Gulf Petchem Carriers (SGPC)
2015 Incorporation of the Bahrain LNG Company
2016 The interests of both Occidental of USA and Mubadala of UAE in Bahrain Field Development Project were assumed. The Tatweer Petroleum Company became wholly owned by the Government of Bahrain.