Bahrain makes largest oil discovery in its history

By AFP
Published: April 1, 2018
SHARES
Email
The field was the first to be discovered in the Gulf and the first to start production. PHOTO: REUTERS

The field was the first to be discovered in the Gulf and the first to start production. PHOTO: REUTERS

DUBAI: Bahrain on Sunday announced it has discovered the largest oil and gas field in the history of the small kingdom, which unlike its Gulf neighbours is not energy-rich.

Authorities estimate the newfound reserves at “many times” the volume of Bahrain’s only other known oil field, the state-run BNA news agency said.

BNA did not give details on the size of the new light shale oil and gas find or on the expected date of the start of production.

Qatar won’t be barred from Arab summit: Saudi crown prince

Manama is the smallest producer of hydrocarbons in the Gulf Cooperation Council (GCC), which also groups Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates.

Bahrain currently has only one oilfield with several hundred million barrels of crude reserves.

The field was the first to be discovered in the Gulf and the first to start production.

Pakistan can become hub of Islamic finance, say experts

It currently pumps around 50,000 barrels per day (bpd), in addition to over one billion cubic feet (28 million cubic metres) of natural gas daily.

The kingdom, which raises around 80 percent of its revenues from oil, receives another 150,000 bpd from the Abu Safa oilfield which it shares with Saudi Arabia.

Facebook Conversations

Leave Your Reply Below

Your comments may appear in The Express Tribune paper. For this reason we encourage you to provide your city. The Express Tribune does not bear any responsibility for user comments.

Comments are moderated and generally will be posted if they are on-topic and not abusive. For more information, please see our Comments FAQ.

More in Business