Sun, 01 April 2018
Following directives from His Majesty King Hamad bin Isa Al Khalifa to give maximum priority to oil exploration operations to increase the country’s resources, as part of the comprehensive development march spearheaded by His Majesty King Hamad bin Isa Al Khalifa, the Higher Committee for Natural Resources and Economic Security, chaired by His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince, Deputy Supreme Commander and First Deputy Prime Minister, put forward the detailed exploration plans.
The committee followed up on the implementation of its plans through harnessing the potentials of the national oil companies to double the exploration and excavation activities, which resulted in the discovery of the largest discovery of oil in the kingdom’s history.
HRH the Crown Prince and members of the Higher Committee for Natural Resources and Economic Security extended deepest congratulations to HM King Hamad and His Royal Highness Prime Minister Prince Khalifa bin Salman Al Khalifa, following the discovery of the new resource which is forecast to contain highly significant quantities of tight oil that by far exceed those of the Bahrain Field, in addition to the discovery of large quantities of deep gas.
The new oil field, discovered during HM King Hamad’s prosperous era, has been the first since 1932, when the first oil field was inaugurated in Bahrain during the era of the late HH Shaikh Hamad bin Isa Al Khalifa, and since then the oil resources have been devoted to enhancing Bahrain’s development process.
Following the issuance of the Royal directives to intensify the exploration activities, the Higher Committee for Natural Resources and Economic Security requested the National Oil and Gas Authority (NOGA) and national oil companies to use the best available excavation technology, which resulted in the excavation of a number of oil fields over the past period, in cooperation with world companies.
The new field will increase Bahrain’s competitive potentials, and enable it to carry on implementing its development projects and initiatives, as well as honouring its commitments to friendly countries and global financial markets.
HRH the Crown Prince gave directives to NOGA to determine the feasibility of extractable quantities from this new field and to develop plans for its development over time, taking into account the geological nature of the site and the production costs to ensure that that it contributes to the kingdom’s natural resources and development march.
HRH the Crown Prince commended the efforts exerted by all sector affiliates for implementing the directives of HM King Hamad and the plans of the Higher Committee for Natural Resources and Economic Security, which led to achieving such results.