Posted on 04/05/2018 7:32:58 PM PDT by SunkenCiv
A new discovery off the coast of Bahrain is estimated to contain at least 80 billion barrels of tight oil, the kingdom's biggest ever find, its oil minister said on Wednesday. Independent appraisals by U.S.-based oil consultants DeGolyer and MacNaughton and oilfield services company Halliburton had confirmed Bahrain's find of "highly significant quantities of oil in place ... with tight oil amounting to at least 80 billion barrels, and deep gas reserves in the region of 10-20 trillion cubic feet," Oil Minister Sheikh Mohammed bin Khalifa al-Khalifa said. Russia's entire oil reserve is 80 billion barrels. Tight oil is a form of light crude oil held in shale deep below the earth's surface that is extracted with hydraulic fracturing, or fracking, using deep horizontal wells. "Agreement has been reached with Halliburton to commence drilling on two further appraisal wells in 2018, to further evaluate reservoir potential, optimize completions, and initiate long-term production," Sheikh Mohammed told a news conference in Manama... Bahrain, which is rated junk by all three major credit rating agencies, revealed the oil discovery just a few days after yields on its international bonds spiked as investors became more concerned about its rising public debt levels... the daily Al Ayam quoted the head of the financial and economic committee in parliament, Abdulrahman Bu Ali, as saying output was expected to be 200,000 barrels per day. The small non-OPEC Gulf oil producer, with around 124.6 million barrels of proven reserves, gets it oil revenues from two fields: the onshore Bahrain field, and the offshore Abu Safah field, which is shared jointly with Saudi Arabia... The Bahraini government earned US$4.3 billion in oil and gas revenue last year and ran a budget deficit of US$2.7 billion.
(Excerpt) Read more at business.financialpost.com ...
Justin Trudeau’s gotta go, so does his party.
Regulatory ‘poisons’ are ‘suffocating’ oil industry by driving investors away
Claudia Cattaneo: Industry’s warning that toxic regulations mean no more major pipelines will be built in this country is not hyperbole
The Canadian Energy Pipeline Association fears that Bill C-69, the Impact Assessment Act, will ensure no other major pipeline project will ever be built in Canada.Bloomberg
Claudia Cattaneo
April 5, 2018 11:40 AM EDT
http://business.financialpost.com/commodities/energy/energy-reforms-are-eroding-trust-in-governments
Excellent News!
That will drop the price of oil!
Bahrain Seeks Big Oil’s Help to Develop New Shale Discovery
By Wael Mahdi and Mohammed Sergie
With assistance by Sarah Algethami
April 4, 2018, 9:03 AM EDT Updated on April 4, 2018, 11:38 AM EDT
https://www.bloomberg.com/news/articles/2018-04-04/bahrain-seeks-big-oil-help-to-develop-its-new-shale-discovery
Source: BP Statistical Review of World Energy
https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iaLqLaU0WeDg/v1/-1x-1.png
Why Bahrain’s Huge Oil Discovery Might Not Provide The Windfall It Is Hoping For
Apr 4, 2018 @ 01:41 PM
Dominic Dudley , Contributor (political writer)
https://www.forbes.com/sites/dominicdudley/2018/04/04/why-bahrains-huge-oil-discovery-might-not-provide-the-windfall-it-is-hoping-for/
In a few years, although the price around here is trending down again, after last week's sudden jolt. I tanked up early this morning at the warehouse club, and did some other shopping, and on the way out, the price had fallen another 3 whole cents. Had already been 15 cents below the Gas Buddy avg for this part of western Michigan.
At $60.00 per barrel, that would be $4,800,000,000,000.00 for Bahrain
But,BUT BUT PEAK OIL was the rage 18 years ago. PEAK OIL!!!!
There must have been an awful lot of dinosaurs in that part of the planet!
https://www.usnews.com/news/world/articles/2018-04-05/uk-opens-permanent-military-base-in-bahrain
April 5, 2018, at 4:02 p.m.
Geopolitics in a nutshell...
Yeah really. Who would have thunk it.
Yup.....zillions:)
Well this just proves we must go all out into developing electric self driving cars. /s
I hope the price of oil does drop so my sil doesn’t have to remind me every single time she calls about all her oil well money...
This validates both Saudi Arabia and Mexico's plans to divest their national oil monopolies. Cheap oil is hear to stay, and countries that use their oil to bribe their citizens with welfare (Venezuela) rather than produce the oil as efficiently as possible will lose out.
Been doing research on anti-American attitudes in Russia. Conclusion: they hate our guts, like American flag doormats & wear a Canadian flag to be safe kind of hate. Don’t go there.
Chief reason: crash in crude oil prices. This Bahrain discovery will only make things worse. Putin is a dictator but he is beloved by Russians as a strong nationalist leader.
I can personally confirm (spending most of the last three years over there) the Gulf States want US technology help first and foremost. Europe/Asian companies are used as a negotiating tool.
the fracking of tight-shale-oil.
only works in the US.
why is that?
Aren’t we do for another scare story from environazis about Peak Oil?
Oil is a natural, renewable substance that is continuously formed in the mantle of the earth. New oil fields are found every year.
Santa Barbara, CA has more oil that Venezuela and the Keystone pipeline will tell OPEC to scram.
I paid $3.85 at Chevron today in So Cal and feel ripped off. Gas is $2.45 in Topeka, KS today. Jerry Brown and crew are as evil as Jim Jones. And Jim Jones was freaky evil.
Oil is a natural, renewable substance that has no connection to ancient vertebrates.
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