Bahrain, the smallest oil producer in the Persian Gulf, is seeking liquefied natural gas imports and considering long-term deals as the market appears well supplied, according to the boss of its state energy company.
Bapco Energies this month received an LNG cargo after restarting a floating import terminal and is expecting another in June, Chief Executive Officer Mark Thomas said. The company has already awarded a tender for supplies of the fuel in June and July and could seek more cargoes for later in the year, he said, without naming the seller.
“We’ve been pleasantly surprised with the response we’ve gotten from suppliers,” he said. “The market is very dynamic right now,” meaning the company has been able to buy spot cargoes available from various suppliers, he said.
The US-led trade war has weighed on the outlook for global growth and energy demand in recent months, particularly in China — a major buyer of LNG — leaving more fuel available for other buyers. In addition, new projects are expected to come online in the coming years and contribute to supply, attracting demand from buyers who may have previously been priced out of the market.
The island nation, which discovered oil in 1932, could also issue tenders before the end of this year for more LNG cargoes in 2026 and 2027, Thomas said in an interview on the sidelines of the MPGC conference in Bahrain. He’s also considering seeking a long-term contract for supply as Bapco Energies tries to balance its spot and shorter-term deals.
Bahrain is also seeking to foster its own domestic gas deposits and has given a contract to EOG Resources Inc. to develop unconventional supplies, Thomas said. The concession could yield its first gas for the market this year, Thomas said.
Bapco Energies is also finishing ramping up its new refinery expansion and is likely to reach full capacity around the end of the year.
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