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Sunday, April 30, 2017
Bahrain’s oil and gas revenue has declined by half from over BD16 million (US$42.75 million) to more than BD8 million (US$21.38 million) in the past three years, Oil Minister Shaikh Mohammed bin Khalifa Al Khalifa said in a reply sent to the House of Representatives. The oil and gas revenue stood at BD16,097,075 (US$43.02 million) in 2014, which fell to BD9,326,997 (US$24.92 million) in 2015 and BD8,106,000 (US$21.66 million) in 2016, the Minister said. Shaikh Mohammed’s answers came as a reply to the queries raised by MP Mohammed Al Emmadi in January with regard to revenues from oil and gas production in the past three years. The minister’s answer, which also included the latest data on the gas industry, will be discussed on Tuesday during the weekly House of Representatives’ meeting in the presence of the minister. Shaikh Mohammed also informed the House of Representatives that BD2,239,000 (US$5.98 million) was generated in 2016 out of the oil and gas income from Abu Sa’afah oil field, which is a joint field shared by Saudi Arabia and Bahrain that produces around 300,000 barrels of oil on a daily basis. Though the revenues have fallen, international crude oil prices have recovered from below US$40 per barrel, still far below the US$75 recorded in 2010.
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