• 4 minutes What If Canada Had Wind and Not Oilsands?
  • 8 minutes EU Confirms Trade Retaliation Measures vs. U.S. To Take Effect on June 22
  • 17 minutes Could oil demand collapse rapidly? Yup, sure could.
  • 4 hours Tariffs to derail $83.7 Billion Chinese Investment in West Virginia
  • 4 hours U.S. Withdraws From U.N. Human Rights Council
  • 4 hours EU Confirms Trade Retaliation Measures vs. U.S. To Take Effect on June 22
  • 2 hours What If Canada Had Wind and Not Oilsands?
  • 18 mins "The Gasoline Car Is a Car With a Future"
  • 8 hours Could oil demand collapse rapidly? Yup, sure could.
  • 8 hours North Korea, China Discuss 'True Peace', Denuclearization
  • 1 hour Russia's Energy Minister says Oil Prices Balanced at $75, so Wants to Increase OPEC + Russia Oil by 1.5 mbpd
  • 8 mins Saudi Arabia turns to solar
  • 8 hours WE Solutions plans to print cars
  • 22 mins EVs Could Help Coal Demand
  • 5 hours Kaplan Says Rising Oil Prices Won't Hurt US Economy
  • 9 hours Gazprom Exports to EU Hit Record
  • 13 hours Hey Oil Bulls - How Long Till Increasing Oil Prices and Strengthening Dollar Start Killing Demand in Developing Countries?
  • 23 hours Oil prices going down
  • 23 hours Russia, Saudi Push For Big Hike In Oil Output Despite Iran Opposition
Alt Text

The Last Oil Frontier In The Gulf Of Mexico

The potential of the U.S.…

Alt Text

Where Will U.S. Frackers Drill Next?

With oil prices having stayed…

Alt Text

OPEC Confident Global Oil Demand Will Stay Strong

The OPEC technical panel has…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing for news outlets such as iNVEZZ and…

More Info

Trending Discussions

Bahrain Says Giant Discovery Holds 80 Billion Barrels Of Oil

oil tanker loading

Bahrain announced on Wednesday the size of the oil reserves in the giant discovery that it had made, and figures dwarf the proved reserves that the island kingdom in the Persian Gulf had prior to the latest oil find.

The huge discovery in west Bahrain, named Khalij Al-Bahrain Basin, is estimated to hold more than 80 billion barrels of oil, Oil Minister Sheikh Mohammed bin Khalifa Al-Khalifa said at a press conference today. The volume of natural gas at the field is estimated to be between 10 trillion and 20 trillion cubic feet, AFP quoted the minister as saying on Wednesday.

Bahrain announced a few days ago the biggest crude oil discovery in its history that will “dwarf” its current reserves, and details on the size of the reserves were expected to be released later this week.

Before the latest oil discovery, Bahrain was estimated to have proved reserves of just 125 million barrels of crude.

International oil companies are currently helping Bahrain to carry out appraisal studies at the new discovery, and to quantify how much of the oil and gas in place can be extracted, Al-Khalifa said.

Oil extraction from the field is not expected to begin for at least five years, according to Yahya al-Ansari, manager of exploration at national oil firm Bahrain Petroleum Company. Related: Houthi Missile Hits Saudi Oil Tanker

Bahrain is the smallest oil producer in the Persian Gulf, drawing its oil from the Bahrain Field at a rate of 45,000 bpd, and from the Abu Safah field that it shares with Saudi Arabia, which produces around 300,000 bpd. Bahrain’s daily total, including oil from Abu Safah, averages around 210,000 barrels.

Under a bilateral agreement from 1958, the two countries share the revenues from the field, but Aramco is the operator. Bahrain, for its part, refines its share at its single Sitra refinery before selling the production.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


x


Back to homepage

Trending Discussions


Leave a comment
  • Mamdouh G Salameh on April 04 2018 said:
    If the reserves are proven, they will catapult Bahrain into the 9th biggest in the world transforming it from the smallest oil producer in the Gulf to a major producer and exporter in a few years-time. In addition, the natural gas reserves, if proven, are big enough to satisfy domestic consumption well into the future and also leave enough for export either as LNG or in the form of petrochemical products.

    It will certainly be a game changer for Bahrain’s economy. Moreover, Bahrain could apply to become a member of OPEC.

    Dr Mamdouh G Salameh
    International Oil Economist
    Visiting Professor of Energy Economics at ESCP Europe Business School, London
  • Kshithij Sharma on April 05 2018 said:
    This is a surprising news. Where was the oil these days? Since Bahrain was a small producer of oil, it was imperative that they try to explore for more oil. Since the oil production is over 50 year old, why was this big field not discovered before? It appears to be a speculation or a bluff. In addition, the fact that the oil is offshore means the extraction will be much harder. The gas content of 10-20 TCF also appears to be too small for a field of 80 billion barrels. USA alone consumes 35 TCF annually

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News