Oil Reserves Estimate in the Middle East by Bahrain Oil and Gas Minister

8 Comments on "Oil Reserves Estimate in the Middle East by Bahrain Oil and Gas Minister"

MrEnergyCzar on Mon, 7th Jul 2014 6:25 pm 



I wonder what the EROEI is now versus 1980….

ronpatterson on Mon, 7th Jul 2014 6:34 pm 



If Peak Oil doesn’t happen when it was first predicted to happen, then this logically means that it will never happen…. Doesn’t it?

Calhoun on Mon, 7th Jul 2014 8:24 pm 



So true, Ron. I’d much rather take the word of an aNONYmous web denizen than the combined views of respected and experienced oil geologists. By the way, have you ever seen that particular individual offer any predictions? I haven’t. What’s good for the goose as they say.

Calhoun on Mon, 7th Jul 2014 8:42 pm 



I admit, the guy has charm. But what are the facts? Stories about talking donkeys aren’t convincing in and of themselves.

But Bahrain isn’t even a blip on the world oil production scene:

Bahrain produced 48,000 barrels per day (bbl/d) of total petroleum liquids in 2012, the least of any country in the Persian Gulf. It has set a goal of increasing total petroleum production to 100,000 bbl/d by the end of the decade.

And their net exports have dropped from 41,000 bpd in 1980 to 4,500 bpd today. And that’s after being a net importer in 2010 and 2011. Yeah, that donkey’s talking all right.

Link

How about this?

Bahrain and Oman are the most vulnerable among the GCC states to a sharp fall in oil prices or production, a new report by Standard & Poor’s (S&P) showed.

“They have the highest fiscal breakeven oil prices among GCC states,” said the report.

“Based on 2013 data, for Bahrain the oil price needs to be $18 higher than the current oil price for the sovereign to achieve a balanced budget.

“Bahrain and Oman also have the least amount of time available before their hydrocarbon revenues would be significantly diminished, absent any further oil and gas discoveries or changes to current production levels, at 11 and 21 years, respectively,” it said.

Link

Hee Haw, Hee Haw

Calhoun on Mon, 7th Jul 2014 9:07 pm 



And best of all is the Bahrain oil reserves chart. Link

The donkey god gave them a gift in 1994 that increased reserves by 3 times at one shot! Since 2002 they’ve settled in to a nice straight line of zero depletion.

Ah, what a wonderful world.

rockman on Mon, 7th Jul 2014 11:41 pm 



If Bahrain is “one of the most diversified economies in the Persian Gulf” then those other countries are in a very dangerous position:

“Bahrain is one of the most diversified economies in the Persian Gulf. Highly developed communication and transport facilities make Bahrain home to numerous multinational firms with business in the Gulf. The economy is based on oil and oil revenues. Petroleum production and refining account for more than 60% of Bahrain’s export receipts, 70% of government revenues, and 11% of GDP.”

So 70% of the gov’t revenue coming from declining oil exports qualifies as “diversified”?

Northwest Resident on Tue, 8th Jul 2014 12:00 am 



rockman, Calhoun — I didn’t know how totally screwed Bahrain is (or will soon be) until I read your informative posts. Thanks! Another one bites the dust!!

synapsid on Tue, 8th Jul 2014 2:02 pm 



rockman,

Come come: the home of US Naval Forces Central Command, and the Fifth Fleet, must be doing something right.

Um, right?