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FINANCIAL NEWS
Bahrain to boost crude oil production
12 Feb 2008
(MENAFN) Bahrain’s Oil and Gas Minister and National Oil and Gas Authority chairman Dr Abdulhussain Mirza said that that Bahrain Oil Field’s daily output could exceed to 70,000 barrels within five years, Gulf Daily News reported.
He also announced that more than 600 new oil wells would be drilled in the next five years, with 17 new oil wells and four gas wells scheduled to be drilled this year alone.
Under the action plan, Bahrain’s gas production is expected to soar to 2.6 billion cubic feet. Dr Mirza said that Bahrain’s oil and gas reserves are sufficient for the next 100 years.
The search for alternative sources of energy does not mean that these reserves will run out in the near future, he indicated.
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