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Bahrain’s Oil and Gas Holding Company (Nogaholding) signed a Letter of Intent (LoI) with US major Chevron on 2 April for evaluation of unconventional assets and potential LNG imports. The agreement marks the next phase of assessing the massive Khalij al-Bahrain (KAB), the discovery of which was announced last year ( MEES, 6 April 2018 ).
An initial evaluation of the unconventional resource by Dallas-based DeGolyer and MacNaughton estimated that the play contains 80bn barrels oil in place and 13.7tcf gas in place, although only around 5-10% of this may ultimately prove recoverable.
Oil Minister Sheikh Muhammad Al Khalifa said this week that “the appraisal of KAB unconventional play is underway… we welcome Chevron’s assistance in evaluating this exciting new opportunity which holds huge potential for the Kingdom as well as investors.” (CONTINUED - 939 WORDS)