Bahrain-based First Energy Bank unveiled its first major investment with the launch of a $3 billion drilling company that will exploit opportunities in the booming oil industry across the Middle East, Asia and North Africa.

MENAdrill has been set up by the bank with strategic partners and plans to be one of the largest companies of its kind in the region, designed to capitalise on ever-increasing hydrocarbon prices and the resulting robust demand for oil and gas drilling services.

The company aims to have more than 20 rigs operating within three to five years and is in the process of acquiring a leading drilling company with a number of rigs already working in the region and others under construction.

MENAdrill's diversified drilling portfolio will include jackup and semisubmersible rigs capable of drilling in shallow, medium and deep water as well as land rigs.

It will also provide project management services.

Partners in MENAdrill, which will be based in Bahrain, include Gulf Finance House and Arab Drilling and Workover Company (ADWOC) and strategic and technical advisers PFC Energy International and Noble Denton.

"With the oil price regularly reaching record highs and reserves steadily decreasing, we saw a first-class opportunity for a new company to bring together the skills, know-how and investments required to drive the industry in the region and set a new benchmark in drilling operations," First Energy Bank chairman Esam Janahi.

MENAdrill will be capitalised at $1bn and will use bank lending to create and initial investment fund of $3bn as opportunities arise.

The lead financial adviser is First Energy Bank.

Launched last year with an initial paid-up capital of $1bn, First Energy Bank focuses on key sectors of the energy industry, from oil and gas to power, offering Sharia-compliant investment solutions backed by professional standards of the highest order.

ADWOC is a leading onshore drilling company with operations in Libya and Syria and has a fleet of nine drilling and five workover rigs.

PFC Energy International, based in Lausanne, Switzerland, is a worldwide organisation who are advisers to energy companies and governments.

"As the premier global provider of marine and engineering services to the offshore industry, Noble Denton is delighted to be working with First Energy Bank, with whom we have developed an excellent relationship, and are very excited about the potential that they will bring to the offshore drilling market said Noble Denton managing director David Wells.

"We exist to provide global capability in complex marine operations and offshore engineering."