Oil revenue shrunk by half in 3 years

Manama : Bahrain’s oil and gas revenue has declined by half from BD16 million to BD8m in the past three years, Oil Minister Shaikh Mohammed bin Khalifa Al Khalifa said in a reply send to the House of Representatives, yesterday.
The oil and gas revenue stood at BD16,097,075 in 2014, which fell to BD9,326,997 in 2015 and BD8,106,000 in 2016, the Minister said. Shaikh Mohammed’s answers came as a reply to the queries raised by MP Mohammed Al Emmadi in January with regard to revenues from oil and gas production in the past three years. The minister’s answer, which also included the latest data on the gas industry, will be discussed on Tuesday during the weekly House of Representatives’ meeting in the presence of the minister.
Shaikh Mohammed also informed the House of Representatives that BD2,239,000 was generated in 2016 out of the oil and gas income from Abu Sa’afah oil field, which is a joint facility of Saudi Arabia and Bahrain that produces around 300,000 barrels of oil on a daily basis.
Though the revenues have fallen, international crude oil prices have recovered from below $40 per barrel, but it is far below the $75 recorded in 2010.