Bahrain plans to spend about $20 million during the next 2 years drilling shallow offshore wells.
Middle East News Network (MENN) reported drilling is to begin by yearend, and as many as 50 wells are planned with an average depth of 3,000 ft.
Mohammed Saleh Sheik Ali, chief executive officer of Bahrain National Oil Co. (BNOC), said the company will focus its efforts off the central and southern part of the island.
Production to date from the smallest Persian Gulf producer is strictly from onshore fields and averages about 42,000-45,000 b/d, MENN reported.
The country drilled its first offshore well last October, a dry hole, and plans to drill the second offshore well later this year using horizontal drilling technology.
Saleh said the country is committed to increasing reserves, currently pegged at 150-250 million bbl.
MENN reported the country is expected to deplete present reserves within 10 years.
The country's oil revenues are derived from a 250,000 b/d refinery, supplied mostly by Saudi Arabia which ships 200,000 b/d to Bahrain via pipeline.
Bahrain was the first Persian Gulf country to produce oil, and early this month celebrated the 60th anniversary of its first oil discovery.
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