Bahrain announces discovery of 80 bn barrels of oil

2018-04-05 08:08
Bahraini Oil Minister Sheikh Mohammed bin Khalifa Al Khalifa. (Jon Gambrell, AP, File)

Bahraini Oil Minister Sheikh Mohammed bin Khalifa Al Khalifa. (Jon Gambrell, AP, File)

Multimedia   ·   User Galleries   ·   News in Pictures Send us your pictures  ·  Send us your stories

Manama – Bahrain on Wednesday announced its newly discovered shale oil reserve was estimated to contain more than 80 billion barrels, making the once-marginal oil producer potentially a major player in the market.

The amount of recoverable oil – or oil that can be extracted – is still under study, Oil Minister Sheikh Mohammed bin Khalifa Al-Khalifa told a press conference in Manama.

The new field dwarfs the Bahrain Field, the country's only other oil field, which contains several hundred million barrels.

The small Gulf state currently produces some 50 000 barrels per day of crude oil from the Bahrain Field, discovered in 1932.

Manama also gets another 150 000 barrels daily from the Abu Saafa offshore field it shares equally with giant neighbour and oil powerhouse Saudi Arabia.

Sheikh Mohammed said that natural gas estimated at between 10 trillion cubic feet and 20 trillion cubic feet has also been discovered.

The new huge discovery was made in west Bahrain in what is called the Khalij Al-Bahrain Basin.

The minister said that appraisal studies are underway with the help of international oil companies to assess the quantities that can be extracted of both oil and gas.

Yahya al-Ansari, manager of exploration at national oil company Bahrain Petroleum Co. said that pumping of oil from the field is not expected for at least five years.

KEEP UPDATED on the latest news by subscribing to our FREE newsletter.

- FOLLOW News24 on Twitter

Read more on:    bahrain

Join the conversation!

24.com encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

We reserve editorial discretion to decide what will be published.
Read our comments policy for guidelines on contributions.
NEXT ON NEWS24X

Inside News24

 
/News
Traffic Alerts
Traffic
There are new stories on the homepage. Click here to see them.
 
English
Afrikaans
isiZulu

Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Settings

Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.




Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.