Tatweer Petroleum Share and Asset Transfer and DPSA Replacement

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.

“Newton Legal’s involvement in advising nogaholding on this matter began in 2016 and is still on going.”

Following the transfer of shares and assets to nogaholding, the DPSA is now in the process of being replaced by a new services agreement and related ancillary agreements. Newton Legal’s involvement in advising nogaholding on this matter began in 2016 and is still on going. We provided Tatweer and nogaholding with local and English law advice in relation to the termination and replacement of the DPSA as well as drafting the suite of DPSA replacement agreements.