Bahrain Discovers Giant Oil Field

Bahrain has discovered an oil field that they say will dwarf its current reserves. No details in numbers, though. Kind of ironic this find comes while everyone curbs production but in the long term it could make Bahrain a more important producer. Hypothetically.

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Interesting to see they're still making huge discoveries in this area.. 

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6 hours ago, Marina Schwarz said:

Bahrain has discovered an oil field that they say will dwarf its current reserves. No details in numbers, though. Kind of ironic this find comes while everyone curbs production but in the long term it could make Bahrain a more important producer. Hypothetically.

in-line with Iraq's claim that its oil reserves are MUCH higher than many may think 

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Sounds like Bahrain might need some Western democracy soon. There goes the neighborhood:)

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AND..... the reserves estimate is 80 billion barrels of oil, and between 10 trillion and 20 trillion cubic feet of natural gas.

BIG.

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Big numbers, but unlikely to get oil from the ground for another few years, though. 

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 According to CIA Factbook, the discovery dwarfs Bahrain’s current proven gas reserves, which stand at around three trillion cubic feet, with production averaging 547 billion cubic feet per day. Not bad for this Arabian Gulf’s smallest oil producer. 

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Btw. Bahrain announces it has discovered 80 billion barrels of oil? It is as much as Russia's oil reserves. And suddenly Bahrain people would need democracy now

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Their biggest challenge will be to ensure the flow of oil and keep costs down to make the resource attractive to international oil companies.

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Too much unknowns. I'd say wait and see before getting too carried away. Bahrain really needs to invest in Infrastructure ASAP to help with diversification.

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I'm kind of confused. So Bahrain is financially in bed with Iran, helping it to skirt sanctions (through a bank, not the government, or so it would appear), and they're in bed with Saudi Arabia with a shared oil and gas field.

My, my, the Middle East is a confusing place. 

The only thing that is certain is that the resource curse will not pass them by. These are huge numbers. If they can manage to pull it together enough to get it out of the ground, it will be both wonderful and horrific news for the teeny tiny country.

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Close future in Bahrain: Exxon Mobil's coming...

 

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A tight reservoir means a low recovery factor and only a fraction of the 80-plus billion barrels is likely to be recoverable. The oil will also be technically challenging and potentially high cost to develop.

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What will say Iran about this? If I remember well Iran had a historic claim to Bahrain until March 1970 when Shah Mohammad Reza Pahlavi abandoned the claim as a result of secret Anglo-Iranian negotiations. Following this realignment of policy, the two countries signed a demarcation agreement in 1970. But, Mullahs still see Bahrain like a part of Iran...

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What intrigues me most about this is what it will mean for GCC relations because Bahrain is the weakest puppet of the Saudis. What would this much oil mean for the Saudi grip on Bahrain?

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12 hours ago, Stormysaga said:

A tight reservoir means a low recovery factor and only a fraction of the 80-plus billion barrels is likely to be recoverable. The oil will also be technically challenging and potentially high cost to develop.

Exactly. Too much hype, not enough facts.

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This is a surprising news. It is very suspicious as to why Bahrain did not explore this area for oil. Bahrain always has been poor producer of oil and it would have made sense to explore further. It is very suspicious as to why no oil was found for past 50 years. Bahrain is a small country and hence the resource survey should not have taken too much time

 

The Saudi oil reserves itself has depleted to 100-130 billion barrels. Russian oil eserves also stand at about 100-120 billion barrels and can go upto 130-150 billion barrels(taking shale oil in Siberia as 30 billion barrels)This 80 billion barrels will make Bahrain as big a producer as Saudi or Russia and a much bigger player than the USA& China.

This also comes in the backdrop of Iraqi oil reserve spike. Iraq's case was surprising as no proper survey was done and yet the reserves were spiked. Iraq's oil reserves are about 55billion barrels to 65 billion barrels at most. Yet, they are now claiming 150-300 billion barrels. I wonder why these countries make big claims but end u[ producing a measly 4.5 mbpd. Iraq is war torn and additional funds would help it rebuild quickly. Why produce small quantity or oil in such case?

 

Overall, this oil reserve increase in gulf countries appear to be suspicious

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