Bahrain celebrated its new tight oil and deep gas resource in the Khaleej Al Bahrain Basin, located off the west coast of the Kingdom.
The find represents 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 HRH the Crown Prince, Prince Salman bin Hamad Al Khalifa.
Commenting on the announcement, Bahrain’s Minister of Oil, Shaikh 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).
The 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.
A DeGolyer and MacNaughton spokesperson said: “Demac evaluated the reservoir and test data, evaluated volumetric and recovery potential, and provided reports documenting both Prospective and Contingent Resources. This is a project which breaks new ground for the industry.”
The discovery, which is expected to support extensive, long-term downstream activities, follows a recent uplift in oil and gas exploration projects undertaken in response to a directive from His Majesty King Hamad to the Higher Committee for Natural Resources and Economic Security to increase exploration activities.
The Committee took the decision to accelerate initiatives to explore sites to the west of Bahrain, which resulted in the discovery of the resource and oil being struck in the fourth quarter of 2017.
His Majesty King Hamad bin Isa Al Khalifa received, at the Al-Sakhir Palace on April 4th , His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince, Deputy Supreme Commander, First Deputy Prime Minister and Chairman of the Higher Committee for Natural Resources and Economic Security.
“Oil was never away from that serious national determination. The first well was discovered in the field of Bahrain in 1932, during the reign of Grandfather Shaikh Hamad bin Isa Al Khalifa, may God bless his soul. Ever since, the State has been keen on developing its derivatives in order to benefit the progress of the nation and the well-being of the Bahraini citizens.
Given the oil sector’s growth over the first decades, a change in policies taken by sector officials at the time resulted in weak planning to explore for more natural resources and the argument was the scarcity of promising opportunities” HRH King, hailed the discovery.
” With this great discovery, we are about to enter a new era in which we work with determination and resolve to continue the development and progress process through effective programmes and initiatives to increase non-oil revenues and optimise the use of financial resources to achieve sustainable economic growth.
The announcement of the discovery of the largest field in the history of Bahrain is good news that will have positive effects on strengthening the Kingdom’s position in the world and the continuation of the comprehensive development process for the benefit of all citizens. Bahrain’s future generations will recall it with immense pride.
In this context, we would like to emphasise the pivotal role of citizens in continuing to build their nation and achieve its progress and advancement. This drive is motivated by their sincerity and ambition. With the good management of the people of Bahrain, we will invest these resources which we hope will be a renewed success that links ambitions and aspirations with diligent endeavours that will achieve welfare and prosperity for Bahrain and Bahrainis.
In conclusion, we do express our pride in the efforts, determination, resolve and contributions of the young Bahrainis who have resoundingly succeeded in achieving such brilliant results.
On this important historic occasion, we are very grateful to our noble son, His Royal Highness the Crown Prince and Chairman of the Higher Committee for Natural Resources and Economic Security, the Oil Minister, HE Shaikh Mohammed bin Khalifa Al Khalifa, and the work team of the national oil companies and authorities for their landmark achievement and success over those who preceded them in this field.
We look forward to them continuing their commendable efforts to pursue the investment of this achievement for the benefit of the country and citizens.”
HRH the Crown Prince presented HM the King with a sample of the production of the Khaleej Al-Bahrain Field.
Those present extended sincere congratulations to HM the King, and expressed pride in the landmark national accomplishment that was attained during HM’s prosperous era.
They lauded the sound royal directives to give top priority to oil exploration activities so as to use such a vital resource in serving the kingdom’s development march and therefore achieve prosperity and welfare for Bahraini citizens.
They affirmed that the major oil and gas find will push the comprehensive development and economic progress initiatives forward, and boost the nation-building and progress march spearheaded by HM the King.