
Bahrain Says Offshore Discovery Contains an Estimated 80 Billion Barrels of Tight Oil
MANAMA, April 4 (Reuters)– A brand-new exploration off the coastline of Bahrain is approximated to include a minimum of 80 billion barrels of limited oil, the kingdom’s greatest ever before discover, Bahrain’s oil preacher claimed.
Bahrain claimed on Sunday it had actually found substantial limited oil and also deep gas sources off the west coastline of the kingdom.
Independent assessments by U.S.-based oil professionals DeGolyer and also MacNaughton and also oilfield solutions firm Halliburton had actually validated Bahrain’s discover of “highly significant quantities of oil in place for the Khalij Al Bahrain, with tight oil amounting to at least 80 billion barrels, and deep gas reserves in the region of 10-20 trillion cubic feet,” Oil Minister Sheikh Mohammed container Khalifa al-Khalifa claimed.
Tight oil is a kind of light petroleum kept in shale deep listed below the planet’s surface area.
“Agreement has been reached with Halliburton to commence drilling on two further appraisal wells in 2018, to further evaluate reservoir potential, optimise completions, and initiate long-term production,” he informed a press conference in Manama.
Sheikh Mohammed claimed he was unsure yet just how much of the approximated 80 billion barrels was recoverable, yet the kingdom intends to bring in international oil and also gas companies to create the sources.
“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,” a declaration by Bahrain’s National Communication Centre claimed.
The brand-new power source is anticipated to include lot of times the quantity of oil generated by Bahrain’s existing oilfields, along with huge quantities of gas, state information company BNA reported on Sunday.
The little non-OPEC Gulf oil manufacturer obtains it oil earnings from 2 areas: the onshore Bahrain area, and also the overseas Abu Safah area, which is shared collectively withSaudi Arabia (Reporting by Davide Barbuscia; creating by Rania El Gamal; editing and enhancing by Jason Neely and also Adrian Croft)
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