Ernst & Young is set to uproot its Centre of Excellence for Oil and Gas from Houston to Bahrain to capitalise on the regional importance of the sultanate to the oil and gas industry, the Telegraph reports.

Speaking to the paper, David Barringer, an oil and gas partner for Ernst and Young in Bahrain, said that the move made sense for the financial services company because the country will attract workers and trainees throughout the Middle East.

He commented: "There are a lot of expats living in Bahrain already because of the importance of the Middle East's oil and gas to the world."

"You can get anywhere in Oman, Kuwait or Qatar in an hour or so," Mr Barringer said, adding that the company is also expecting a growth in business from development in Iraq.

According to a report published by Ernst & Young earlier this month, the world's largest oil and gas firms have delivered more than $375 billion (£227 billion) in new investment since the start of the year.

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