HRH Crown Prince: International partners to be selected for the Khaleej Al Bahrain production phase in late-2019

Manama, June 3 (BNA): His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince, Deputy Supreme Commander and First Deputy Prime Minister, today chaired the 20th meeting of the Higher Committee for Natural Resources and Economic Security, at Riffa Palace. In line with HM King Hamad’s recent directives to prioritise oil exploration operations, HRH the Crown Prince instructed that operations should be expedited, and the necessary frameworks be put in place to attract international companies to partner with the Kingdom on production activities HRH the Crown Prince noted that production of the recently discovered Khaleej al Bahrain basin, which is anticipated to comprise 80 billion barrels of oil in place, will begin within five years HRH the Crown Prince directed for a number of wells to be installed as part of a research and evaluation phase starting in October 2018 and due to complete in June 2019. The research and evaluation phase will include geological surveys to determine the recoverable quantities of oil. International partners will be selected for the production phase in December 2019 HRH the Crown Prince stressed the importance of optimising international investment opportunities within the Kingdom’s energy sector in order to generate positive returns and ensure oil and gas activities continue to contribute to the Kingdom’s development programme led by HM the King HRH the Crown Prince affirmed that the Khaleej al Bahrain discovery will hold significant long-term benefits to the Kingdom’s economy and its citizens, and reflects the central role that investment in downstream industries and exploration is playing as part of the Kingdom’s diversification efforts The committee concluded by highlighting the promising implications of the discovery for the development of the Kingdom’s oil and gas sector, including opportunities for innovation and growth across the entire value chain The committee was attended by a number of senior government officials.