First: Realization of Long-Term Financial Returns:
- Approach and encourage petroleum companies to explore offshore blocks under exploration and production sharing agreements (EPSA), and Endeavour to increase petroleum reserves.
- Maximize added value through co-ordination with operating companies to develop the capacity of the Refinery, the Liquefied Petroleum Gas Plant and other petroleum projects.
- Effectively import natural gas to support future demands and keep the soci-economic development going.
- Optimize consumption and ensure fair and cost-effective distribution of natural resources.
Second: Petroleum Legislations & Policies:
- Apply oil and gas related laws and legislations.
- Co-ordinate the pricing policy of the petroleum products locally, to eliminate differentials in the economic costs for the various consumer sectors.
- Establish pricing policy for the natural gas supplied to consumers and endeavour to bring the natural gas prices closer to eliminate differentials.
- Participate in the introduction and implementation of a safety and environmental protection policy within the oil sector, and give special attention to the environmental aspects to eliminate pollutants and toxic gases.
- Co-ordinate with the other Gulf Co-operation Council (GCC) countries and with companies operating in the Kingdom of Bahrain to assess t environmental situation in the petroleum industry and to encourage conducting appropriate studies and surveys.
- Oversee the factories, which consume natural gas and encourage them to utilize latest technologies to save in consumption.
Third: Enhancement of the Contribution of the Oil Sector in Supporting the Economy:
- Co-ordinate with operating companies to assess the performance and efficiency of exploratory and production activities.
- Work in co-ordination with the operating company, BAPCO, to develop an oil and gas well drilling programme to ensure consistence with the established production plans.
- Review regular reports and final financial statements of the operating companies and approve their budgets and major products.
Fourth: Joint Ventures:
- Co-ordinate with operating companies to start joint downstream projects with GCC, regional or international companies, with the aim of increasing profitable petroleum investments.
- Encourage the establishment of joint ventures.
Fifth: Maximize Effort to Develop National Manpower and Indigenize Positions in the Petroleum Industry:
- Endeavour to develop and improve national efficiencies.
- Urge operating companies to introduce programmes to attract qualified national manpower and provide commensurate remunerations, privileges and benefits.
- Utilize training and development opportunities available in the Kingdom of Bahrain, in other GCC countries and in appropriate training institutes.
- Arrange programmes, forums and conferences to enhance awareness about the petroleum industry and about the oil and gas consumption.
Sixth: Co-Ordination with GCC, Other Arab and International Countries:
- Co-operate with such countries in petroleum and gas related matters.
- Actively participate in international meetings and conferences relevant to energy, environment and advanced technology in the petroleum industry.
- Co-ordinate with GCC countriesâ€™ international marketing organizations on marketing policies in the main petroleum markets.
- Exchange information and expertise with other parties, especially of the GCC countries.
- Seek the assistance of consultants to conduct required studies and research.
Seventh: Provision of Local Market Petroleum and Gas Product Requirements:
- Provide supplies for the various consumer sectors in accordance with locally and international required specifications.
- Rationalize consumption and preserve energy in the various sectors through coordination with the authorities concerned.