Bahrain's energy strategy and its state oil holding firm's operation plan are likely to be decided in six months with implementation to begin a year later, the firm's CEO Mark Thomas said on Tuesday.

The company last month hired Boston Consulting Group to help develop the two strategies and Lazard as financial adviser.

"The Kingdom itself has not really had a comprehensive energy strategy that's looking forward for the next 20, 30 years, and the optionality, the trade-offs, the choices that we're going to have to make in that time period," Thomas told Reuters on the sidelines of an industry event in Abu Dhabi.

"Junk"-rated Bahrain, a small non-OPEC oil producer, is one of the most indebted countries in the region, and seeks to capitalise on high energy prices.

The national strategy will weigh options to support economic growth, meet environmental commitments and maximise Bahrain's natural resources, Thomas said, while the operational plan will focus on helping nogaholding diversify and optimise its structure.

Thomas said all options were on the table, including potential public listings and monetising infrastructure. Nogaholding has some 15 portfolio companies.

"Consolidation of companies is a possibility ... Looking at how we might consolidate functions of companies into one shared service organisation is definitely on the table."

He said international oil firms and regional oil giants Saudi Aramco and ADNOC were being looked at as examples.

Aramco and ADNOC sold stakes in their pipeline infrastructure to consortia of investors in multibillion dollar deals that are linked to large loans. The loans have been, or will be, refinanced with bonds.

"One of the tasks that we've given to Lazard is how might we look at asset monetisation but in a different structure that achieves the objective of cash, but also cleans up our balance sheet," Thomas said, as nogaholding seeks to reduce its debt.

"I would say today, relative to 12 months ago, the shine on that type of programme has come off," he added, referring to the pipeline deals and the current economic outlook.

Nogaholding hired banks to set up an environmental, social and governance (ESG) framework earlier this year, Thomas said, declining to name the banks.

That framework is expected to be completed in a few months and will allow the company to issue green bonds if it decides to do so, he added.