Bahrain strikes biggest oil field find in nearly 90 years
The resource, which is said to “dwarf” Bahrain’s current reserves, was found at the end of last year following an order to intensify the search for deposits of crude. “Initial analysis demonstrates the find is at substantial levels, capable of supporting the long-term extraction of tight oil [light crude] and deep gas,” Bahraini Oil Minister Shaikh Mohamed bin Khalifa al-Khalifa told the agency. It is the largest find in nearly 90 years.
Brent benchmark set to increase to $68 a barrel in 2018 due to geopolitical risk & global rise in demand – analyst https://t.co/mF6ugsxOAI— RT (@RT_com) December 27, 2017
Bahrain is sandwiched between the oil-producing powers of Saudi Arabia and the United Arab Emirates. According to the US Energy Information Administration, Bahrain is the smallest oil-producer in the region with just 125 million barrels of proven oil reserves compared to Saudi Arabia’s 266 billion barrels. It receives revenues from two oil fields, the onshore Awali field, and the onshore Abu Safah. It currently splits revenue from the latter with Saudi Arabia under a 1958 agreement.
A spokesperson for DeGolyer and MacNaughton (Demac), petroleum industry consultants who verified the find, said the project “breaks new ground” for the industry. "Demac evaluated the reservoir and test data, evaluated volumetric and recovery potential, and provided reports documenting both Prospective and Contingent Resources,” the spokesperson said.
Think your friends would be interested? Share this story!