One of the more curious arrangements within the Gulf is that Saudi Arabia hands over 50% of all production from the substantial 300,000 b/d Abu Safah field to neighboring Bahrain (see p2). The agreement, which dates back to the 1970s is an essential source of income for Bahrain’s faltering economy. Saudi Aramco’s 470-page Bond prospectus (see p8) notes that “pursuant to a production sharing agreement between the Company and Bahrain Petroleum Company regarding the Abu Safah field, the Kingdom of Bahrain is entitled to 50% of the volumes produced from Abu Safah. The Company’s MSC [maximum sustainable capacity] includes 100% of the volumes produced from Abu Safah. Aramco’s suspiciously-round claimed capacity figure of 12mn b/d may be correct, but thanks to Bahrain only 11.85mn b/d actually belongs to Saudi Arabia.