Oil Minister Sheikh Mohammed bin Khalifa Al-Khalifa stated that his country hasn’t so far signed any gas exporting contracts, noting that Bahrain is working on completing two gas projects with operational power of 1.1 billion cubic feet.
Bahrain is studying the best means to purchase gas through competitive prices and flexible conditions, he said.
The oil minister said that the gas ventures target the Bahraini market but future plans include exports through the existing or new projects.
Bahrain announced early April that a new discovery off its coast is estimated to contain at least 80 billion barrels of tight oil, the kingdom’s biggest ever find.
It also said there are deep gas reserves in the region of up to 20 trillion cubic feet.
Bahrain has lately witnessed an increased demand on gas, the minister said, expecting it to double with the launch of new projects. He added that the past five years saw a rise in demand for gas with an average that exceeded 2.5 percent annually.
Bahrain is working on two projects: A port for liquefied gas and a national gas plant with operational power of 350 million cubic feet daily. They aim to limit any possible shortage in gas supplies.
Al-Khalifa revealed that Bahrain has not signed any contracts given that the port will be operational in the second half of next year. He said he was not sure yet how much of the estimated 80 billion barrels was recoverable.
However, work is underway to figure out the best means to receive gas with competitive prices.
Source Credit: Aawsat