Khaleej Al Bahrain ‘project breakthrough in one year’

The development of tight oil found at Khaleej Al Bahrain Basin could begin within a year, the Oil Minister announced. The 80 billion barrels strong oil discovered at Khaleej Al Bahrain is expected to be a major boost for the national economy. “We are trying to load up data. We need to get those wells drilled and have all components in a data room. Our target is to have something here this time next year,” Shaikh Mohammed bin Khalifa Al Khalifa said yesterday.

The minister made these remarks while speaking at the World Islamic Banking Conference held at Art Rotana yesterday. “The idea is to invite international oil companies but to do that we need more information. We need to look at the behaviour of the reservoir. “This is why this time next year potentially we could have a company for the first development of this resource. “That is the rough timeline we have. We also have the deep gas discovery, its development could happen quicker, we have been talking to some international companies as well.”

“We are also looking at tackling some of the offshore components and making this a more onshore style development. “Hopefully, we will have better information this time next year. North America has great expertise when it comes to extracting unconventional oil. “We have found Houston as a base to have our virtual data room where we attract a lot of the companies there. We have been talking to the big international oil companies.”