Bahrain’s biggest oil find since 1932 dwarfs reserves
The shale oil and natural gas discovered in a deposit off the island state’s west coast “is understood to dwarf Bahrain’s current reserves,” Bahrain News Agency reported, without giving figures. The country currently pumps about 45,000 barrels of oil a day from its Bahrain Field, and it shares income from a deposit with Saudi Arabia that produces about 300,000 barrels a day, according to figures from the U.S. Energy Information Administration.
Consultants DeGolyer & MacNaughton Corp. evaluated the field, and Bahrain plans to provide additional details on Wednesday about the reservoir’s “size and extraction viability,” according to BNA.
Bahrain last week reined in plans to sell bonds as investors sought higher yields. After indicating it could sell a mix of conventional and Islamic debt with as many as three different maturities, it only offered 7.5-year sukuk, raising $1 billion on March 28.