Bahrain to invest $15 billion on oil, gas sector development

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bahrain oil well
First oil well in Gulf region. Photo - ambulisamma.wordpress.com

Bahraini Oil Minister Abdul Hussein Ali Mirza announced Monday plans to invest $15bn to develop crude oil and natural gas resources during the next two decades.

The island state wants to expand its gas-output capacity to 2.7bn cubic feet per day by 2024, the oil minister said during an oil industry conference in Manama.

He added that the country also seeks to invest $6bn to $10bn to expand refinery capacity from current 260,000 bpd to more than 400,000 bpd.

Bahrain’s economy has been hit by political unrest since February 2011.

Economic figures released in March 2012 suggested growth slowed during the last quarter of last year amid political upheaval that has hit the country’s financial sector hard.

Bahrain’s statistics office figures show inflation adjusted GDP growth slowed to 1.3% quarter-over-quarter, compared to 2.2% quarter-over-quarter during the Q3 of 2011.

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