Bahrain Tries to Attract US Companies to Invest in Oil Shale Field under Suitable Conditions
2018-09-04 - 8:06 م
Bahrain Mirror: The Oil Minister Mohammed bin Khalifa Al Khalifa said that his country is trying to attract American investors in the oil shale industry under suitable conditions.
He said in statement to "CNBC" that era of cheap oil has ended. He added "We, in Bahrain, focus on developing our sources. We have worked on sources of shale oil and we know that we have large stock."
The minister stated "We addressed several companies in the US who have experience and are specialized in this field. We know that non-traditional resources are a phenomenon in the United States. What we are trying to do is attract them, under the right conditions as soon as we finish the definition of geology, which we think will be good."
Bahrain announced that it had discovered a large field of shale oil near the water border with Saudi Arabia to the southwest of the country, but experts doubted Bahrain's ability to invest in it with the high cost of extraction.