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Please make sure your browser supports JavaScript and cookies and that you are not blocking them from loading. For more information you can review our Terms of Service and Cookie Policy.</s>April 2 (UPI) -- The government of Bahrain said it made the largest discovery of oil ever made since the exploration in the kingdom started in the 1930s.

Bahraini Oil Minister Mohamed bin Khalifa al-Khalifa said a "substantial" oil and natural gas discovery was made off the nation's west coast.

"The find represents the largest discovery of oil in the Kingdom since 1932, when extraction started on Bahrain's first oil well within the Bahrain oil field," the government said through its official news agency. "The new resource is forecast to contain highly significant quantities of tight oil and deep gas, understood to dwarf Bahrain's current reserves."

According to the CIA World Factbook, Bahrain holds 124.6 million barrels of oil reserves, which ranks 27th in the world.

First oil from the Bahrain oil field came in 1932 at a rate of 9,500 barrels of oil per day. At its peak in 1970, capacity was around 79,000 bpd.

Total production from Bahrain, which isn't a member of the Organization of Petroleum Exporting Countries, is around 200,000 bpd. Output from the Bahrain oil field started to decline about a decade ago and most of the offshore oil comes from the Abu Saafa field, which yields around 150,000 bpd.

Bahrain is nonetheless party to the OPEC-led effort to balance an oversupplied market with voluntary production cuts.

Apart from oil, Bahrain has ambitions to become a major exporter of liquefied natural gas. In 2016, it signed a memorandum of understanding with Russian gas company Gazprom to review LNG opportunities.

The government said in its announcement that a press conference is set for Wednesday to discuss details of the latest find offshore.</s>Bahraini authorities have found the largest ever oil field located on the territory of the state, local media reported Sunday, Sputnik reported.

The Bahrain News Agency (BNA) reported that the announcement was made by the Higher Committee for Natural Resources and Economic Security, while the Bahraini Ministry of Oil will hold a press conference on the issue on Wednesday.

According to the BNA, the field has been found in the Khaleej Al Bahrain Basin and is the largest discovery of oil in the country since 1932, when Bahrain's first oil well started production.</s>An oil pump operates in an oil field in Awali, Bahrain.

Dubai, United Arab Emirates (AP) -- The Persian Gulf island nation of Bahrain says it has discovered its largest oil field since the country's first oil well began operation nearly 90 years ago.

The government said Sunday that the new resource is "understood to dwarf Bahrain's current reserves."

Details about the initial findings of size and extraction viability are to be released by the Oil Ministry at a news conference Wednesday.

Bahrain says the tight oil and deep natural gas field was discovered off the west coast of the island in the Khaleej Al Bahrain Basin.

The non-OPEC producer extracts oil from an offshore field it shares with Saudi Arabia and the onshore Bahrain field.</s>The Bahrain News Agency (BNA) reported that the announcement was made by the Higher Committee for Natural Resources and Economic Security, while the Bahraini Ministry of Oil will hold a press conference on the issue on Wednesday.

According to the BNA, the field has been found in the Khaleej Al Bahrain Basin and is the largest discovery of oil in the country since 1932, when Bahrain's first oil well started production.

READ MORE: Russia-Saudi-Led Oil Deal Makes Prices Rise Despite US Shale Output Boost

The new field is expected to contain reserves of tight oil and deep gas that would be much bigger than the existing reserves of the kingdom, the news outlet reported.</s>The government of Bahrain today announced the discovery of a new tight oil (shale oil) and deep gas resource in the Khaleej Al Bahrain Basin, located off the west coast of the Kingdom.

According to the Bahrain News Agency, BNA, this is the largest discovery of oil in the Kingdom since 1932, when extraction started on Bahrain’s first oil well within the Bahrain Oil Field. The new resource is forecast to contain highly significant quantities of tight oil and deep gas, understood to dwarf Bahrain’s current reserves.

The announcement was made by Bahrain’s Higher Committee for Natural Resources and Economic Security, chaired by Bahrain's Crown Prince, Prince Salman bin Hamad Al Khalifa.

Commenting on the announcement, Bahrain’s Minister of Oil, Sheikh Mohamed bin Khalifa Al Khalifa, said, "Following the initial discovery of the resource, detailed analysis of the find’s content, size and extraction viability has been undertaken alongside internationally-renowned petroleum industry consultants, DeGolyer and MacNaughton, Demac.

"Today we announce that initial analysis demonstrates the find is at substantial levels, capable of supporting the long-term extraction of tight oil and deep gas."

The agency went on to say that the Bahraini government confirmed that modelling and analytical studies are ongoing, led by Bahrain’s National Oil and Gas Authority, NOGA, working alongside private sector partners, aimed at detailing the ultimate quantity and market value of the find.</s>DUBAI, United Arab Emirates (AP) - The Persian Gulf island nation of Bahrain says it has discovered its largest oil field since the country's first oil well began operation nearly 90 years ago.

The government said Sunday that the new resource is "understood to dwarf Bahrain's current reserves."

Details about the initial findings of size and extraction viability are to be released by the Oil Ministry at a news conference Wednesday.

Bahrain says the tight oil and deep natural gas field was discovered off the west coast of the island in the Khaleej Al Bahrain Basin.

The non-OPEC producer extracts oil from an offshore field it shares with Saudi Arabia and the onshore Bahrain field.

Copyright 2018 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.</s>Bahrain announced on Sunday the discovery of a large supply of light rock oil estimated to be much larger than the Bahrain field in addition to the discovery of large quantities of deep gas. OIC, GCC and Saudi Eneergy Ministry strongly condemn Iranian attacks on Bahrain oil pipeline

 DUBAI: Bahrain announced on Sunday the discovery of a large supply of light rock oil estimated to be much larger than the Bahrain field in addition to the discovery of large quantities of deep gas.

 The government saif that the discovery of the field is the first since 1932 when the country’s first oil well was inaugurated.—Agencies</s>The country, which sits between energy titans Saudi Arabia and Qatar in the Persian Gulf, has announced its biggest oil discovery since 1932.

Bahrain’s official news agency reported on Sunday the discovery of a new oil field off the country’s western coast that is forecast to contain “highly significant quantities of oil and gas.”

The news agency did not provide an estimate of how much oil and gas had been discovered, but it said the field is “understood to dwarf Bahrain’s current reserves.”

“Initial analysis demonstrates the find is at substantial levels, capable of supporting the long-term extraction of tight oil and deep gas,” oil minister Shaikh Mohamed bin Khalifa Al Khalifa told the news agency.

Bahrain is the smallest oil producer in the Gulf. It was pumping roughly 50,000 barrels of crude a day in 2014, according to the most recent government statistics.

It has proven oil reserves of just 125 million barrels. Its neighbor Saudi Arabia has 266 billion barrels in reserves, according to the US Energy Information Administration.

Bahrain currently has one oil field under its full control. Revenue from another offshore field, the Abu Sa’fah, is split with Saudi Arabia under the terms of a 1958 agreement.

Although it’s not a member of OPEC, Bahrain has joined the cartel and other major producers in an agreement designed to limit oil production and support prices. The agreement runs through the end of 2018.</s>Bahrain on Sunday announced it has discovered the largest oil and gas field in the history of the small kingdom, which unlike its Gulf neighbours is not energy-rich.

Authorities estimate the newfound reserves at "many times" the volume of Bahrain's only other known oil field, the state-run BNA news agency said.

BNA did not give details on the size of the new light shale oil and gas find or on the expected date of the start of production.

Manama is the smallest producer of hydrocarbons in the Gulf Cooperation Council (GCC), which also groups Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates.

Bahrain currently has only one oilfield with several hundred million barrels of crude reserves.

The field was the first to be discovered in the Gulf and the first to start production.

It currently pumps around 50,000 barrels per day (bpd), in addition to over one billion cubic feet (28 million cubic metres) of natural gas daily.

The kingdom, which raises around 80 percent of its revenues from oil, receives another 150,000 bpd from the Abu Safa oilfield which it shares with Saudi Arabia.
Bahraini state media reports the discovery of the nation's largest known deposit of oil and gas in an offshore field.