WHOA: Bahrain’s largest oil find estimated at 80 billion barrels.
Bahrain’s oil minister and energy executives detailed the find at a press conference, saying the tight oil was discovered in the offshore Khalij Al-Bahrain Basin, which spans some 2,000 square kilometers (770 square miles) in shallow waters off the country’s western coast.
The field also contains an estimated 14 trillion cubic feet of gas.
But: Bahrain Seeks Big Oil’s Help to Develop New Shale Discovery.
The amount of oil and gas that can be recovered from hard-to-reach pockets in shale rocks under the sea is uncertain, and development is potentially an expensive proposition. Halliburton Co. will drill two wells this year in the offshore Khaleej Al Bahrain Basin to appraise how much of the oil contained underground is actually recoverable.
“Only a fraction of the 80-plus billion barrels is likely to be recoverable,” Tom Quinn, senior analyst for Middle East upstream at consultant Wood Mackenzie Ltd., said by email. “The oil will also be technically challenging and potentially high cost to develop,” while Bahrain’s previous oil contracts offered meager returns for international oil companies, he said.
American frackers are going to earn all-new fortunes selling their expertise to Bahrain.