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Hydrocarbon deposits
containing at least 80 billion barrels of tight oil and 10-20 trillion cubic feet of deep natural gas have been discovered in a new offshore field off Bahrain's west coast.
If validated by the International Petroleum Federation, its technical and economic recoverability could stimulate private investment
in the country's energy sector in the short term.
In addition to this, international rating agency Moody's said it could increase the government's oil and gas-related revenues and reduce the country's fiscal and current account deficits
in the medium term.
Despite Bahrain's low oil and gas resources relative to its other GCC members, hydrocarbon-related revenues still accounted for 75 percent of government revenue in 2017, down from a peak of 87 percent in 2013
, Moody's said in the report.
As a result, a significant increase in Bahrain's oil production and associated fiscal revenues could significantly reduce Bahrain's budget deficit, which reached 17.
8%
of GDP in 2016.
Bahrain's current account would also benefit
.
When oil prices fell after mid-2014, the dollar value of Bahrain's oil exports dropped significantly, and the country's current account surplus of 8% of GDP averaged in 2012-13 turned into an average deficit of 3.
7%
of GDP in 2015-17.
The deterioration of Bahrain's current account led to a significant reduction in foreign exchange reserves, from a peak of $5.
8 billion at the end of 2014 to a low of $1.
3 billion in July 2017
.
Bahrain's sovereign bond issuance was substantial, including $3 billion in international bonds in September 2017 and $1 billion
in international sukuk in April 2018, the report said.
But by the end of November, foreign exchange reserves reached $2.
8 billion, covering only 1.
4 months of imports of goods and services, less than 10 percent
of Bahrain's short-term external debt.
The discovery of new oil reserves will help Bahrain revitalize
its economy.
Hydrocarbon deposits
containing at least 80 billion barrels of tight oil and 10-20 trillion cubic feet of deep natural gas have been discovered in a new offshore field off Bahrain's west coast.
If validated by the International Petroleum Federation, its technical and economic recoverability could stimulate private investment
in the country's energy sector in the short term.
In addition to this, international rating agency Moody's said it could increase the government's oil and gas-related revenues and reduce the country's fiscal and current account deficits
in the medium term.
Despite Bahrain's low oil and gas resources relative to its other GCC members, hydrocarbon-related revenues still accounted for 75 percent of government revenue in 2017, down from a peak of 87 percent in 2013
, Moody's said in the report.
As a result, a significant increase in Bahrain's oil production and associated fiscal revenues could significantly reduce Bahrain's budget deficit, which reached 17.
8%
of GDP in 2016.
Bahrain's current account would also benefit
.
When oil prices fell after mid-2014, the dollar value of Bahrain's oil exports dropped significantly, and the country's current account surplus of 8% of GDP averaged in 2012-13 turned into an average deficit of 3.
7%
of GDP in 2015-17.
The deterioration of Bahrain's current account led to a significant reduction in foreign exchange reserves, from a peak of $5.
8 billion at the end of 2014 to a low of $1.
3 billion in July 2017
.
Bahrain's sovereign bond issuance was substantial, including $3 billion in international bonds in September 2017 and $1 billion
in international sukuk in April 2018, the report said.
But by the end of November, foreign exchange reserves reached $2.
8 billion, covering only 1.
4 months of imports of goods and services, less than 10 percent
of Bahrain's short-term external debt.
The discovery of new oil reserves will help Bahrain revitalize
its economy.