Bahrain, currently smallest oil producer among the Gulf Cooperation Council (GCC) nations, announced the discovery of what it said is its largest oil field in history. The new resource is forecast to contain highly significant quantities of tight oil that by far exceed those of the Bahrain Field, in addition to the discovery of large quantities of deep gas. The discovery of the new oil field has been the first since 1932.

The Kingdom of Bahrain receives revenues from two oil fields: the onshore Bahrain (Awali) field, and the offshore Abu Safah field, which is jointly shared with Saudi Arabia. The Bahrain field, managed by the Tatweer Petroleum Company, produced around 50,500 b/d of crude oil in 2015, up from 48,800 b/d in 2014.

Bahrain and Saudi Arabia split annual revenues from the 300,000 b/d Abu Safah offshore field in Saudi Arabia as a result of a 1958 political agreement. Saudi Aramco, Saudi Arabia’s state oil company, oversees production at the field. Bahrain refines and markets half of the output from Abu Safah, which is connected to Bahrain’s Sitra refinery via pipeline. In 2015, Bahrain received 151,000 b/d of Abu Safah crude oil from Saudi Arabia, according to the Energy Information Administration..

Bahrain’s oil and natural gas resources are governed by the National Oil and Gas Authority (NOGA). NOGA controls multiple subsidiary companies, including the Bahrain Petroleum Company (BAPCO), the Bahrain National Gas Company (BANAGAS), and the Tatweer Petroleum Company.

The new field will increase Bahrain’s competitive position, and enable it to carry on implementing its development projects and initiatives, as well as honoring its commitments to friendly countries and global financial markets, the state news agency said.

Bahrain and Oman are the only two countries bordering the Persian Gulf which are not members of the Organization of the Petroleum Exporting Countries (OPEC).