Bahrain’s oil minister reveals plans for biggest oil find

24-Apr-2018

At the start of April, Bahrain announced that it had made its largest oil discovery since 1932. The announcement of the Khalij al-Bahrain discovery marks the start of a new chapter for the oil industry in Bahrain, which was the first in the GCC to discover oil 86 years ago.

Although still in the early stages of development, the Khalij al-Bahrain find is, like the Bahrain Field in 1932, expected to have a significant impact on the entire economy. “It is difficult to see it not having a positive impact. Although it is too early to quantify it,” says Bahrain’s Oil Minister Sheikh Mohamed bin Khalifa al-Khalifa.

The reserves are located in the Khalij al-Bahrain basin, covering 2,000 square kilometres in shallow Gulf waters off the kingdom’s west coast, and are estimated to contain more than 80 billion barrels of oil.

“The sweet spot was valued at 80 billion barrels in place, and that is the number we use. People took it as 80 billion recoverable. That is different. [Determining] what is recoverable is a matter of time. We need to look at how much oil can be flowed from those rocks now,” says Sheikh Mohamed.