Bahrain found a new tight and deep-gas resource located in Khaleej Al Bahrain Basin, off the west coast of the Kingdom, the country's state news agency announced on Sunday.
According to Bahrain News Agency, the amount 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 and deep gas, understood to dwarf Bahrain’s current reserves,” the agency reported.
Commenting on the development, Bahrain’s Minister of Oil, Shaikh Mohamed bin Khalifa Al Khalifa, said that following the initial resource discovery, a detailed analysis of the find’s content, size and extraction viability was undertaken alongside internationally-renowned petroleum industry consultants, DeGolyer and MacNaughton (Demac).
'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,” he added.
The government confirmed that modeling and analytical studies are ongoing, led by Bahrain’s National Oil and Gas Authority (NOGA) working alongside private sector partners.
The ministry will hold a press conference on Wednesday to provide additional details on the discovery, size and extraction viability.
According to OPEC's March market report, the country produces 200,000 barrels of oil per day.
By Gulsen Cagatay
Anadolu Agency
energy@aa.com.tr