Bahrain has discovered the largest oil and gas field in the history of the small kingdom located off its west coast
Bahrain has discovered the largest oil and gas reserves since 1932, with a big boost for the island state that has lacked the resources of its neighbours.
The new discovery, which is forecast to contain highly significant quantities of tight oil and deep gas and believed to dwarf Bahrain's current reserves, follows a recent uplift in oil and gas exploration projects.
The Ministry of Oil will host a press conference next Wednesday to provide additional details on the discovery, including initial findings of size and extraction viability.
Bahrain will start the development of its tight gas reserves this year, the country's minister of oil told The National in January, even as the country prepares to bring online a liquefied natural gas import terminal in 2019, to meet its rising domestic demand.
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It now pumps around 50,000 barrels per day (bpd), in addition to over one billion cubic feet (28 million cubic metres) of natural gas daily.
Bahrain is now a minnow in the oil sector, ranked 57 on the list of biggest producers by the US Energy Information Administration. In comparison, Saudi Arabia is aiming to keep its production levels below 10m barrels a day in April. This new oil field is the offshore Khaleej al-Bahrain basin, located off the country's western coast.
"Demac evaluated the reservoir and test data, evaluated volumetric and recovery potential, and provided reports documenting both prospective and contingent resources".
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