October 07, 2008

Bahrain upbeat on new oil well plans

It is reported that Bahrain will add a number of new wells in the next 15 years.

Dr Abdulhussain Mirza oil and Gas Affairs Minister and National Oil and chairman of Gas Authority unveiled the grand target set to boost the oil production of the oil dependent country.

He said “In the coming 15 years we are planning to add another 700 wells to maintain and increase oil production. Many of the wells will be special architecture wells to maximize reservoir contact in order to improve well productivities.”

Dr Mirza said “With the right technology, business environment and people the energy challenges of the future are within our collective power to resolve. It is up to each of us to work towards making that happen.”

The small GCC-state, where the first oil field in the Gulf was developed aims to encourage foreign investment in the upstream sector and to step up exploration and development efforts to meet growing energy demand.

In 2006, Bahrain produced about 35,000 BPD of crude oil. Its proven oil reserves stood at about 125 million barrels as of January 2007. Over the years, Bahrain has been slow to explore for oil in its offshore waters.