Seismic work is underway across the entire Middle East and North Africa in search of new, giant shale reserves.
Based on what Bahrain just found, there are probably oceans of oil and gas yet to be found.
Who knows what unexplored shale reservoirs under Ghawar field (Saudi Arabia), Burgan field (Kuwait), Safaniya field (Offshore Saudi Arabia), and Upper Zakum field (Offshore Abu Dhabi) may hold?
Less than 70 billion barrels of oil remain in Saudi's super-giant Ghawar field, but don't worry, Bahrain's newly discovered field holds 80 billion Bbls more.
At a press conference held today, Bahrain' energy minister, Sheikh Mohammed bin Khalifa Al Khalifa announced a new offshore shale discovery that holds 80+ billion barrels of oil and 14 trillion cubic feet of natural gas, making it the largest oilfield in the region, even larger than Saudi's Ghawar field which experts believe to be depleted to less than 70 billion barrels. (Since Saudi Arabia doesn't share its proved reserve figures, nobody knows for sure).
Bahrain's first tight oil was discovered in Khalij al-Bahrain basin and is their largest oil find ever. The newfound shale field dwarfs their current reserves which produce only 50,000 bbl's per day. The first two deliniation wells in Khalij al-Bahrain will be drilled this year, and a 5-year plan to kick off full scale deve;lopemnt is already compelete.
What does this mean for PEAK Oil? If numerous super-giant shale fields are found, what will it mean for global oil prices? Only time will tell.