Tatweer was established in 2009 as a joint venture between nogaholding, Occidental of Bahrain Ltd. (Occidental) and MDC Oil & Gas (Bahrain Field) LLC (MDC) to explore and develop Bahraini reserves in the Bahrain Field. At the same time a Development and Production Sharing Agreement was entered into between nogaholding, Tatweer, Occidental and MDC (the DPSA). The DPSA governed exploration and production within the Bahrain Field.
In 2016 nogaholding acquired 100 percent ownership of Tatweer from Occidental and MDC as well as the assets of Occidental and MDC that had been used for the petroleum operations conducted under the DPSA.
Newton Legal advised on the share and asset transfer including conducting a due diligence report in contemplation of the exit of MDC and Occidental as shareholders in Tatweer. The findings were included in our review of the contracts, policies and procedures and litigation of Tatweer.