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Page added on April 1, 2018

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Bahrain makes largest oil discovery in its history

Bahrain on Sunday announced it has discovered the largest oil and gas field in the history of the small kingdom, which unlike its Gulf neighbors is not energy-rich.

Authorities estimate the newfound reserves at “many times” the volume of Bahrain’s only other known oil field, the state-run BNA news agency said.

BNA did not give details on the size of the new light shale oil and gas find or on the expected date of the start of production.

Manama is the smallest producer of hydrocarbons in the Gulf Cooperation Council (GCC), which also groups Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates.

Bahrain currently has only one oilfield with several hundred million barrels of crude reserves.

The field was the first to be discovered in the Gulf and the first to start production.

It currently pumps around 50,000 barrels per day (bpd), in addition to over one billion cubic feet (28 million cubic metres) of natural gas daily.

The kingdom, which raises around 80 percent of its revenues from oil, receives another 150,000 bpd from the Abu Safa oilfield which it shares with Saudi Arabia.

thejakartapost.com



11 Comments on "Bahrain makes largest oil discovery in its history"

  1. BobInget on Sun, 1st Apr 2018 3:08 pm 

    Sounds more like a natural gas find.

    Couple of things:

    In Unprecedented Move, China Plans To Pay For Oil Imports With Yuan Instead Of Dollars
    Profile picture for user Tyler Durden
    by Tyler Durden
    Sat, 03/31/2018 – 12:40
    2.4K
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    Just days after Beijing officially launched Yuan-denominated crude oil futures (with a bang, as shown in the chart below, surpassing Brent trading volume) which are expected to quickly become the third global price benchmark along Brent and WTI, China took the next major step in the challenging the Dollar’s supremacy as global reserve currency (and internationalizing the Yuan) when on Thursday Reuters reported that China took the first steps to paying for crude oil imports in its own currency instead of the US Dollars.

    A pilot program for yuan payment could be launched as soon as the second half of the year and regulators have already asked some financial institutions to “prepare for pricing crude imports in the yuan”, Reuters sourcesreveal.

    According to the proposed plan, Beijing would start with purchases from Russia and Angola, two nations which, like China, are keen to break the dollar’s global dominance. They are also two of the top suppliers of crude oil to China, along with Saudi Arabia.

    New, old item:
    https://www.quora.com/What-are-the-implications-of-Venezuela-dropping-the-petrodollar-to-sell-oil-for-Yuan

    https://www.rt.com/business/413107-petro-yuan-futures-trading/

    https://oilprice.com/Latest-Energy-News/World-News/Indias-Oil-Imports-From-Venezuela-Plunge-To-Lowest-Since-2012.html

    Trump Watch:
    https://oilprice.com/Geopolitics/International/Trump-Bans-Venezuelas-Oil-Backed-Cryptocurrency.html

  2. Davy on Sun, 1st Apr 2018 3:25 pm 

    “In Unprecedented Move, China To Pay For Oil Imports With Yuan Instead Of Dollars”
    https://tinyurl.com/y8n84f9w

    “Still, not everyone is convinced that the new Yuan-denominated contract will create a “petro-yuan” as the following take from Goldman highlights: The launch of the INE contract is not just about oil, as it will also be the first Yuan denominated commodity contract tradable by offshore investors. Such a set-up meets the PBOC’s monetary policy committee goal to raise the profile of its currency in the pricing of commodities. It has raised however the question of whether the INE contract is an incremental step in achieving the currency reserve status for the Yuan. We do not believe so. While the INE launch does represent an additional step in the CNY internationalization, the CNY denomination of the INE contract does not in itself imply CNY investments. The INE contract does not represent an opening of China’s capital accounts since foreign deposits operate in a closed circuit, deposited in designated accounts and not to be used to purchase other domestic assets. In practice, the collateral deposit and any capital gains can be transferred back to offshore accounts. The potential for greater foreign ownership of Chinese assets is therefore not impacted by CNY oil invoicing and would require instead oil exporters to recycle their proceeds in local assets, for example. The incentive to do this has not changed with the introduction of the INE contracts. In particular, most Middle East oil producers still have currencies pegged to the dollar and limited ability to hedge CNY exposure. Whether or not Goldman is right remains to be seen, however it is undeniable that a monumental change is afoot in global capital flows, where the US – whether Beijing wants to or not – will soon be forced to defend its currency status as oil exporters (and investors in this highly financialized market) will now have a choice: go with US hegemony, or start accepting Yuan in exchange for the world’s most important commodity.”

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