Following the news on Bahrain making its largest oil discovery ever, the country has also put a number to it –“at least 80 billion barrels.”
The offshore oil discovery announced on Sunday, April 1, is located in the Khalij Al-Bahrain Basin, is located in shallow waters off the Kingdom’s west coast.
The Bahraini News Agency has cited Halliburton who said that the fact the discovery sits close to a fully-operational oil field with ready-to-connect-to facilities, provides the potential for significant cost optimization.
“Oil in place of 80 billion barrels is based on a P50 resource estimate,” said John Hornbrook, DeGolyer and MacNaughton Senior Vice president.
Bahrain’s Minister of Oil, Shaikh Mohammed bin Khalifa Al Khalifa, said: “DeGolyer and MacNaughton’s and Haliburton’s independent appraisals have confirmed NOGA’s find 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.”
Halliburton will start drilling on two further appraisal wells in 2018, to further evaluate reservoir potential, optimize completions, and initiate long-term production, the Kindom’s news agency reported.
The giant discovery is expected to be brought to production within five years, the news agency said.