Bahrain's largest oil find estimated at 80 billion barrels

Bahrain's largest oil find estimated at 80 billion barrels
File image.

Bahrain has announced the discovery of 80 billion barrels of shale oil, the island nation's largest oil and gas find ever.

Bahrain's oil minister and energy executives detailed the find at a press conference, saying the tight oil was discovered in the offshore Khalij al-Bahrain Basin, which spans 770 square miles in shallow waters off the country's west coast.

The field also contains an estimated 14 trillion cubic feet of gas.

Oil minister Sheikh Mohammed bin Khalifa Al Khalifa said the amount of oil that can be extracted from the Khalij al-Bahrain Basin is still being studied.

The discovery still dwarfs the onshore Bahrain oil field, which produces around 45,000 barrels per day.

The non-Opec country also produces close to 160,000 barrels of oil per day from an offshore field it shares with Saudi Arabia.

The minister announced a separate discovery of gas reserves below Bahrain's main gas reservoir, with estimates that push deep gas reserves in the region to between 10 and 20 trillion cubic feet.

Experts and officials said they expect the newly discovered oil field to be producing within five years.

Bahrain started pumping oil in 1932, becoming the first among its Arab Gulf neighbours to produce oil.

The Arab state, ruled by a Sunni-led monarchy, is in the Persian Gulf just east of Saudi Arabia's oil-rich coastal areas and desert. It hosts the US Navy's 5th Fleet.

Bahrain is not a major oil producer but the new finds have the potential to significantly raise the country's profile and boost its economy, which has suffered double blows in recent years from lower oil prices and years of unrest and protests by majority Shiites.

The country has introduced austerity measures to limit spending and boost revenue, including reducing some fuel subsidies and increasing taxes.

Like Saudi Arabia and the United Arab Emirates, it introduced a 5% value-added tax this year to most goods and services.

- PA

More on this topic

New oil field found in Iran with estimated 50 billion barrels, says presidentNew oil field found in Iran with estimated 50 billion barrels, says president

No halting offshore oil dealsNo halting offshore oil deals

Oil firms to invest more despite drill ban planOil firms to invest more despite drill ban plan

BP shares slump 4.5% as weak oil price hits earningsBP shares slump 4.5% as weak oil price hits earnings

More in this Section

Turkey tries to shed light on death of Briton who is believed to have fell from heightTurkey tries to shed light on death of Briton who is believed to have fell from height

Over 200 elephants die in Zimbabwe drought, says parks agencyOver 200 elephants die in Zimbabwe drought, says parks agency

Cocaine found wrapped in blocks of frozen meat in lorry at UK portCocaine found wrapped in blocks of frozen meat in lorry at UK port

Turkey must consider ‘foul play’ in probe into Briton’s death, says AmnestyTurkey must consider ‘foul play’ in probe into Briton’s death, says Amnesty


Lifestyle

The Cosmetify Index reveals the cosmetics companies that are generating the most buzz online – and Dubai-based Huda Kattan has the top spot.Huda Beauty tops the 10 ‘most popular’ beauty brands this year

Read the script of Kya deLongchamps’ kitchen-sink drama to set the scene to make an informed choice when selecting this home essentialTake the plunge: Read this checklist before you splash out on your new kitchen sink

WHAT do aerospace engineering and baking have in common? A lot, says scientist and Bake-Off finalist Andrew Smyth, one of the presenters of the family show Baking in Space.The Shape I'm In: Andrew Smyth - Bake-Off finalist

It would be foolish to discount all evergreen plants when seeking autumn variety, says Peter Dowdall.Showing their true colours: Don't discount all evergreen plants when seeking autumn variety

More From The Irish Examiner