BAHRAIN: LARGEST OIL FIND SINCE 1932
Bahrain announced the discovery of a shale oil and a deep gas resource in Khaleej Al Bahrain Basin, located off the west coast of the kingdom. The find represents the largest discovery of oil in the Kingdom since 1932, when extraction started on Bahrain’s first oil well within the Bahrain Oil Field.
The new resource is forecast to contain highly significant quantities of tight oil, also known as shale, and deeply located gas, understood to dwarf Bahrain’s current reserves.
The announcement was made by Bahrain’s Higher Committee for Natural Resources and Economic Security, chaired by Crown Prince Salman Bin Hamad Al Khalifa.
“Following the initial discovery of the resource, detailed analysis of the find’s content, size and extraction viability has been undertaken alongside internationally-renowned petroleum industry consultants, DeGolyer and MacNaughton [Demac],” Minister of Oil Shaikh Mohammad Bin Khalifa Al Khalifa said.
“Today we announce that initial analysis demonstrates the find is at substantial levels, capable of supporting the long-term extraction of tight oil and deep gas.” (Source and image: Gulf insider)
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