Global firm ‘to review oil and gas reserves’ in Bahrain

Global firm ‘to review oil and gas reserves’ in Bahrain

AN internationally-acclaimed oil and gas consultancy firm has been hired to review reserves, a top minister has revealed.Addressing MPs at their weekly session at the National Assembly complex in Gudaibiya yesterday, Oil and Environment Minister and Special Envoy for Climate Affairs Dr Mohammed Bin Daina said the current oil and gas reserve numbers are contradictory.He was responding to a question by MP Abdulnabi Salman on oil and gas reserves in Bahrain, price projections until the end of the year and the effect of international and regional geopolitical on prices.“The oil and gas numbers that we have are varying and something clear and substantial is being sought,” he said.“This sector is a major contributor to the country’s economy and revenue and knowing where we stand is vital and for that we have hired an internationally-acclaimed consultancy firm.”The minister added that oil prices are projected to reach $90 per barrel this year despite negative global factors.In the worst-case scenario, it could drop below $70 per barrel, he added. Currently it’s standing at around $80 per barrel. “The world is plagued with unprecedented inflation levels, high interest rates, globally stagnant economies, wars involving oil and gas leaders, and unsafe water channels,” said Dr