Manama - Obeid Suhaimi

Higher Committee for Natural Resources and Economic Security in Bahrain has determined schedules for investing Bahrain Bay oilfield as an introduction for reaching the production level. The rehearsal wells' drilling will start in October while partners will be selected to develop the oilfield and enter the production phase end of 2019.

In May, Bahrain launched an investment fund to finance the energy in Bahrain with a capital worth one billion American dollar -- It announced that the purpose of the fund is to invest in explored gas and oil oilfields.

The Higher Committee for Natural Resources and Economic Security said that Crown Prince Salman Bin Hamad Al Khalifa chaired a meeting on Sunday to discuss updates of works in the oilfield. He addressed the necessity of accelerating the works and putting required mechanisms to call and attract internal firms to cooperate with the national companies for oil and gas.

During the meeting, he highlighted the importance of putting the frameworks that guarantee the optimal investment of these oil resources, estimated at 80 billion barrels, it is also expected that the oilfield will enter the production phase after around five years.

The committee affirmed that the work is ongoing in drilling rehearsal additional wells – the conclusion of assessing rehearsal wells will be in 2019. Partners in development and production will be selected by the end of 2019. The committee also discussed the promising opportunities that would be provided by Bahrain Bay oilfield.

The Crown Prince confirmed the importance of best deployment of giant investment opportunities which will bill offered by Bahrain Bay oilfield on the global level and the necessity of the assessment of the enormous qualifications.