WASHINGTON (dpa-AFX) - Bahrain, the smallest oil producer in the Persian Gulf, has discovered its biggest oil field since it started producing crude in 1932.
The country said Wednesday that its newly discovered shale oil reserves off its west coast is estimated to contain 80 billion barrels.
Bahrain's Oil Minister Sheikh Mohammed bin Khalifa Al-Khalifa told a press conference in Manama, the country's capital, that appraisal studies are underway to determine the amount of oil and gas that can be extracted.
The new huge discovery of hydrocarbons reserves was made in the Khalij Al-Bahrain Basin. The field also contains an estimated 13.7 trillion cubic feet of natural gas.
The new field is far bigger than the onshore Bahrain Field, Bahrain's only other oil field, which was discovered in 1932 and contains several hundred million barrels. It is also the island kingdom's biggest oil discovery in eight decades.
Bahrain currently produces some 50,000 barrels per day of crude oil from the Bahrain Field. In addition, the non-OPEC producer gets another 150,000 barrels daily from the Abu Saafa offshore field it shares with its larger neighbor Saudi Arabia.
Bahrain had the first post-oil economy in the Persian Gulf. It has invested heavily in the banking as well as tourism sectors.
Copyright RTT News/dpa-AFX