Bahrain makes biggest oil discovery since 1932

Bahrain, the smallest oil producer in the Arabian Gulf, has made an oil discovery off its west coast – the largest since the commodity was first discovered in the country in 1932.

“The find 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 state-run Bahrain News Agency reported on Sunday. “The new resource is forecast to contain highly significant quantities of tight oil and deep gas, understood to dwarf Bahrain’s current reserves.”

Most of Bahrain’s current oil production, which averages 210,000 barrels per day, comes from the offshore Abu Safah field, which it shares with Saudi Arabia, the world’s biggest oil exporter. Bahrain produces around 50,000 bpd from the Bahrain Oil Field, according to the Energy Information Administration.

“The discovery, which is expected to support extensive, long-term downstream activities, follows a recent uplift in oil and gas exploration projects,” the news agency said. “Last year the [Higher] Committee [for Natural Resources and Economic Security] took the decision to accelerate initiatives to explore sites to the west of Bahrain, which resulted in the discovery of the resource and oil being struck in the fourth quarter of 2017.”

Bahrain will start the development of its tight gas reserves this year, the minister of oil told The National in January, even as the country prepares to bring online a liquefied natural gas import terminal in 2019 to meet its rising domestic demand.

Dania Saadi,April 1, 2018