Bahrain Seeks Big Oil's Help to Develop New Shale Discovery
- Offshore shale oil basin is nation’s largest find in decades
- Development cost, size of recoverable resources are uncertain
This article is for subscribers only.
Bahrain will invite international oil companies to help it develop its first major discovery in decades, hoping to begin production within five years.
The oldest and smallest energy producer in the Persian Gulf relies on crude exports for most of its revenue, and its finances have been strained by lower oil prices. Production from the new discovery could one day reach 200,000 barrels a day, local newspaper Al-Ayam reported, citing Abdulrahman Ali Buali, a member of Bahrain’s Council of Representatives. That could help trim Bahrain’s deficit, but wouldn’t elevate it into the top ranks of global producers.