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Bahrain Discovers Largest Oil Field With 80 Billion Barrels In Reserves

Bahrain officials have revealed that the tiny gulf kingdom has discovered some 80 billion barrels of shale (otherwise known as tight) oil – the kingdom’s largest oil and gas find ever. The field also discovered 14 trillion cubic feet of natural gas beneath an existing field.

Oil Minister Sheikh Mohammed bin Khalifa Al Khalifa said the kingdom has not yet determined how much of the oil can be easily extracted, according to the Associated Press.

Bahrain

The oil fields were discovered in the offshore Khalij al-Bahrain Basin, which covers some 770 square miles in the shallow waters off Bahrain’s west coast.

The underwater shale would dwarf the country’s existing reserves.

According to figures from the US Energy Administration, Bahrain currently pumps about 45,000 barrels a day from its Bahrain Field. It also shares income from a deposit with Saudi Arabia that produces about 300,000 barrels a day.

“Initial analysis demonstrates the find is at substantial levels, capable of supporting the long-term extraction of tight oil and deep gas,” the Sheikh said.

He added during the news conference, which was held in Manama on Wednesday, that Bahrain’s National Oil and Gas Authority hoped to lure foreign oil and gas firms to develop the field where the reserves were found, per the BBC.

Map

Bahrain has been pumping oil since 1932 and was among the first Arab Gulf states to extract oil.

According to the Guardian, industry consultants DeGolyer and MacNaughton (Demac) have worked with Bahrain to evaluate the newfound reserves.

“Demac evaluated the reservoir and test data, evaluated volumetric and recovery potential, and provided reports documenting both prospective and contingent resources. This is a project which breaks new ground for the industry,” a spokesperson said.

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Art Berman: Like It Or Not, The Future Remains All About Oil

Vladimir Yudin | Dreamstime.com

Art Berman: Like It Or Not, The Future Remains All About Oil

And competition for it is heating up 

Art Berman, 40-year veteran in the petroleum production industry and respected geological consultant, returns to the podcast this week to talk about oil.

After the price of oil fell from its previous $100+/bbl highs to under $30/bbl in 2015, many declared dead the concerns raised by peak oil theorists. Headlines selling the “shale miracle” have sought to convince us that the US will one day eclipse Saudi Arabia in oil production. In short: cheap, plentiful oil is here to stay.

How likely is this?

Not at all, warns Berman. World demand for oil shows no signs of abating while the outlook for future production looks increasingly scant. And the competition among nations for this “master resource” will be much more intense in future decades than we’ve been used to:

Since the 1980s, we simply have not been replacing reserves with new discoveries. So how does that work? Well, obviously, we’ve got a lot of oil on production and in reserves, so we’re essentially drawing down our savings account if you want to think about it that way. You can do that for a long time if you’ve got a whole lot of money in your savings account, and we as a planet do. But you can’t do it forever.

Eventually, you either have to stop spending as much so you don’t draw down your savings, or you need to put some money back in the account. And it doesn’t seem like we’re doing much of either, and haven’t been doing much of either for a long time. So the concern is tremendous, at least, in my estimation(…)

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