Bahrain oil minister: Reserves in new field estimated at 80 billion barrels

Bahrain oil minister: Reserves in new field estimated at 80 billion barrels


Wed, 2018-04-04 14:43

DUBAI: Bahrain’s Minister said the quantities of oil discovery may exceed 80 billion barrels on Wednesday at a press conference, Bahrain’s state news agency reported.
Sheikh Mohammed bin Khalifa Al-Khalifa revealed that the area of the new oil discovery is estimated at 2000 square kilometers with quantities of gas estimated between 10 to 20 trillion cubic feet.
The discovery team is making double efforts to reach the field to production within five years, he added.
The discovery of the oilfield was announced on Sunday and is said to be the country’s biggest in decades, located off the west coast of the country.
The light shale oil and gas resource represents the largest discovery in the country since 1932, the BNA state news agency reported on Sunday. Further details on the find are expected to emerge on Wednesday at a press conference in Manama.
It could have a major impact on the country’s financial position which has come under scrutiny by ratings agencies in recent months.
Bahrain relies on the Abu Safa oilfield, which it shares with Saudi Arabia, for most of its oil.
 

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