Newly discovered oil basin to reap long term benefits for the Kingdom

Providing a great push to the nation’s economy, the production at the recently discovered Khaleej Al Bahrain basin will begin in five years, said HRH the Crown Prince yesterday.

His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince, Deputy Supreme Commander and First Deputy Prime Minister, was chairing the 20th meeting of the Higher Committee for Natural Resources and Economic Security, at Riffa Palace, when he made the remark.

The Crown Prince instructed that operations should be expedited, and the necessary frameworks are put in place to attract international companies to partner with the Kingdom on production activities.  

The Crown Prince directed for a number of wells to be installed as part of a research and evaluation phase starting in October 2018 and to be completed in June 2019.

The Crown Prince affirmed that the Khaleej al Bahrain discovery will hold significant long-term benefits to the Kingdom’s economy and its citizens, and reflects the central role that investment in downstream industries and exploration is playing as part of the Kingdom’s diversification efforts.

A few months ago, it was announced that Bahrain possesses at least 80 billion barrels of shale oil off its west coast, as well as the associated gas of around 10 to 20 trillion cubic feet.

Onshore, beneath the country’s historic Bahrain field, around 13.7 trillion cubic feet of gas will be explored, with two wells to be drilled over the coming two months.