(MENAFN- Emirates News Agency (WAM))
MANAMA, 1st April, 2018 (WAM) -- The government of Bahrain today announced the discovery of a new tight oil (shale oil) and deep gas resource in the Khaleej Al Bahrain Basin, located off the west coast of the Kingdom.
According to the Bahrain News Agency, BNA, this is 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 new resource is forecast to contain highly significant quantities of tight oil and deep gas, understood to dwarf Bahrain's current reserves.
The announcement was made by Bahrain's Higher Committee for Natural Resources and Economic Security, chaired by Bahrain's Crown Prince, Prince Salman bin Hamad Al Khalifa.
Commenting on the announcement, Bahrain's Minister of Oil, Sheikh Mohamed bin Khalifa Al Khalifa, said, "Following the initial discovery of the resource, detailed analysis of the find's content, size and extraction viability has been undertaken alongside internationally-renowned petroleum industry consultants, DeGolyer and MacNaughton, Demac.
"Today we announce that initial analysis demonstrates the find is at substantial levels, capable of supporting the long-term extraction of tight oil and deep gas."
The agency went on to say that the Bahraini government confirmed that modelling and analytical studies are ongoing, led by Bahrain's National Oil and Gas Authority, NOGA, working alongside private sector partners, aimed at detailing the ultimate quantity and market value of the find.
[Image credit: Bahrain News Agency, BNA]
WAM/Nour Salman/MOHD AAMIR
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