MANAMA, 5 April (BelTA - WAM) - 80 billion barrels of ‘oil in place' identified in Bahrain and Bahrain's National Oil and Gas Authority (NOGA), alongside international consultants DeGolyer and MacNaughton, Halliburton, and Schlumberger, provided details on the Kingdom's largest ever discovery of oil and gas.
The discovery, made within the 2,000 km2 Khalij Al-Bahrain Basin, is located in shallow waters off the Kingdom's west coast, close to a fully-operational oil field with ready-to-connect-to facilities, according to Halliburton, who added that this unique factor provides potential for significant cost optimisation.
A separate discovery of significant gas reserves in two accumulations below Bahrain's main gas reservoir has been confirmed.
Extensive work has already been carried out to evaluate in-place volumes. The first well in the drilling programme is planned to produce in August, and over the next two years focus will be given to maximising production and commercial efficiency.
The newly-discovered resource, which officials expect to be ‘on production' within five years, is expected to provide significant and long-term positive benefits to the Kingdom's economy – both directly and indirectly through downstream activities in related industries.
NOGA added that the next stage of development will focus on ensuring robust frameworks, data and terms are in place to facilitate further activities and commercial opportunities with international partners.
