Boston, MA -- (SBWIRE) -- 05/01/2014 -- Bahrain is trying to double its oil production by the end of the decade. This increase would largely depend on the success of plans under way to raise production from the Bahrain field. However, our current forecast anticipates delays and technical difficulties and we have not yet included all volumes projected by the project. For the moment, we see crude production increasing from 46,000 barrels per day (b/d) in 2012 to 68,000b/d in 2023. However, the biggest attention in terms of investment is firmly on the downstream, where the Bahrain Petroleum Company (BAPCO) is planning to increase the capacity of the Kingdom's centrepiece Sitra refinery by approximately 90,000b/d - from 270,000b/d to 360,000b/d. Other plans envisage the construction of a liquefied natural gas (LNG) receiving terminal, although this is still a long way from realisation. For the moment, the government will focus its efforts on upgrading its main refining units - the low-hanging fruit in its oil and gas infrastructure portfolio.

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We highlight the following trends and developments in Bahrain's oil and gas sector:

- With the country possessing only one mature oil and gas field, the Bahrain field, we expect oil and gas reserves to decline in the period 2012-2023, pending new discoveries. Oil reserves are expected to fall to 0.09bn barrels (bbl) by 2023, with gas reserves falling to around 0.08trn cubic metres (tcm).
- The country plans to invest US$15bn in the oil and gas sector over the next 30 years. Bahrain plans to increase its oil production to 100,000b/d before the end of 2020. This increase would largely depend on the success of plans under way to raise production from the Bahrain field, currently being undertaken by the Tatweer Petroleum Joint Venture. However, our current forecast anticipates delays and we have not yet included all volumes projected by the project. At the moment, we see crude production increasing from 46,000 barrels per day (b/d) in 2012 to 68,000b/d in 2023.
- State-run firm Bahrain Petroleum (BAPCO) is planning a major overhaul and expansion of its refinery at Sitra, with the aim of adding some 90,000b/d of capacity and additional petrochemicals production. This will bring the country's total crude refining capacity to 360,000b/d by 2018. In January 2013 BAPCO appointed the UK's HSBC and France's BNP Paribas as financial advisers to support the national petroleum company's bid to raise the necessary funding for the US$6bn expansion. According to an official at BAPCO, Chevron Lummus Global and Axens submitted design and license bids in December 2013 for the proposed tenders for the front end engineering and design (FEED) to expand the refinery.

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