Oil discovery will boost Bahrain’s economy: BCCI

Manama : Bahrain Chamber of Commerce and Industry (BCCI) as well as the business and industrial community in Bahrain has lauded the royal directives to increase exploration activities, which resulted in the discovery of the largest tight oil and deep gas resource in the Kingdom’s history in the Khaleej Al Bahrain Basin, located off the west coast of the Bahrain.

The remarks were made at a meeting between BCCI’s Board of Directors, led by Chairman Samir Abdullah Nass, and the Minister of Oil, Shaikh Mohammed bin Khalifa Al Khalifa, who gave a presentation on exploration activities and projects, including initial findings of size and extraction viability.

The Chairman hailed the discovery which, he said, marks a significant milestone in the Kingdom’s history and will play a key role in supporting Bahrain’s economy and infrastructure investment. He noted the positive impact the discovery will have on Bahrain’s oil and gas sectors, and added that the new discovery will further boost ongoing development efforts and increase Bahrain’s competitiveness, while maintaining long-term growth.

The Chairman highlighted the government’s efforts, led by His Royal Highness Prime Minister Prince Khalifa bin Salman Al Khalifa, in providing assistance and facilitation to carry out exploration projects. The Chairman also highlighted that the discovery follows a recent uplift in oil and gas exploration projects undertaken in response to a directive to increase exploration activities from His Majesty King Hamad to the Higher Committee for Natural Resources and Economic Security, led by HRH the Crown Prince.