Oil revenue projections in the 2024 budget have increased compared to the 2023 revenue estimates due to a rise in natural gas revenues and an increase in sales, based on demand forecasts, the Finance and National Economy Ministry has said.This came in the ministry’s response to questions submitted by Parliament’s financial affairs committee on the draft law approving the state’s general budget for the fiscal years 2023-2024, to be presented to Parliament today.The ministry stated that Bahrain field produces about 40,000 barrels per day, while 150,000 barrels per day come from Abu Safa field.As part of its plans, Tatweer Petroleum is seeking to enhance production levels of both crude oil and natural gas.Recently, five natural gas wells were drilled, two of which have been connected to the gas production network, while planning and preparation are underway to drill eight other appraisal and production wells, the ministry noted.Regarding new expected revenues for shale oil, the ministry said the project is still in the evaluation stage. Tatweer Petroleum is implementing a plan to drill a number of appraisal wells, it added, indicating that the oil and gas reserves are currently in the appraisal stage.As for the refinery modernisation project, launched in 2015, the ministry said the estimated cost of the project to date is about $7 billion, expecting a positive financial return, as this can be determined according to the market situation after completion of the project. More than 90 per cent of the project has been executed until April 2023, and the refinery’s production capacity will be raised to 380,000 barrels per day once the project is completed, the ministry revealed. (ICE Doha)

Fonte notizia: Gulf Daily News