Recently discovered oilfield expected to produce 200,000 barrels of oil daily

MANAMA: Bahrain’s oil reserve has reached about one billion barrels but is expected to increase to 80bn of shale oil and between 10 and 20 trillion cubic feet of deep gas with the new oil and gas discoveries.

The government expects production of 200,000 barrels of oil daily from its recently discovered oilfield, said economic expert Dr Jaffar Al Saegh.

“Saudi Arabia’s plan to increase in future Bahrain’s share from the offshore Abu Safa oilfield, shared with Bahrain, to about 75pc will add to the kingdom’s revenues nearly $1.5bn annually should oil prices remain at around $70 per barrel,” he told our sister paper Akhbar Al Khaleej.

05 Aug 2018