RUS | ENG | All
Enter the email or login, that you used for registration.
If you do not remember your password, simply leave this field blank and you will receive a new, along with a link to activate.

Not registered yet?
Welcome!

2018-04-27 10:45:00

BAHRAIN'S NEW OIL

BAHRAIN'S NEW OIL

AOG - Bahrain is to consider a wide range of finance options to help support the extraction of its newly-discovered offshore shale reserves, according to Dawood Nassif, an advisor to the kingdom's oil minister and cited by The National.

"We're looking at all options, frankly, we might invite [international oil companies] or we might invest some. It's premature, however. We need time," Nassif told reporters in Abu Dhabi.

"In six months' time we'd be in a better position," he added.

Bahrain, recently announced that it had unearthed around 80 billion barrels of unconventional oil and up to 20 trillion cubic feet of tight gas off its west coast. The discovery could potentially transform the island state's reserves which currently total well under 200 million barrels.

Nassif, who is also on the board of the country's state-owned Bahrain Petroleum Company, re-iterated the field's recovery rate would not be known "for a few months to come".

Extraction of tight oil and gas is complex and recovery rates are notoriously low, with most experts suggesting that the usual yield is somewhere between 5-10%.

Bahrain is to work with US firm Halliburton to drill appraisal wells in the first instance. Currently, Bahrain is the smallest oil producer in the Arabian Gulf, generating around 50,000 barrels per day domestically, as well as holding a 50% share in the offshore Abu Safah field alongside Saudi Arabia.

-----

Earlier:

 BAHRAIN'S NEW OIL&GAS
2018, April, 2, 09:15:00

BAHRAIN'S NEW OIL&GAS

REUTERS - The new tight oil and deep gas resource is expected to contain many times the amount of oil produced by Bahrain’s existing oilfields, as well as large amounts of gas, BNA reported.

 

 IMF: BAHRAIN'S VULNERABILITY UP
2017, August, 28, 19:45:00

IMF: BAHRAIN'S VULNERABILITY UP

Bahrain’s fiscal and external vulnerabilities have increased in the wake of the oil price decline. Overall GDP grew 3 percent in 2016, supported by strong growth of 3.7 percent in the non-oil sector aided by the implementation of GCC-funded projects. Average inflation remained moderate at 2.8 percent. Bank deposit and private sector credit growth slowed. The banking sector remains well capitalized and liquid. Despite the implementation of significant fiscal adjustment, lower oil prices meant that the overall fiscal deficit reached nearly 18 percent of GDP and government debt rose to 82 percent of GDP. The current account deficit widened to 4.7 percent. International reserves have declined.

 

 GAZPROM & BAHRAIN LNG
2016, May, 5, 18:50:00

GAZPROM & BAHRAIN LNG

Russian state-owned oil and gas giant Gazprom is currently working to create a liquefied natural gas (LNG) distribution hub in Bahrain. The hub will be meant to intake LNG from various sources, including Russia.

 
 
 
 
Tags: BAHRAIN, OIL