New found oil reserve holds 80 billion barrels – Bahrain

US to overtake Saudi as crude oil producer

Bahrain announced on Wednesday its newly discovered shale oil reserve was estimated at more than 80 billion barrels, making the once-marginal oil producer potentially a major player in the market.

The size of recoverable oil – or oil that can be extracted – is still under study, Oil Minister, Sheikh Mohammed bin Khalifa Al-Khalifa, told a press conference in Manama.

The new field dwarfs the Bahrain Field, the country’s only other oil field, which contains several hundred million barrels.

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Agency Report