Bahrain Newsletter - Spring 2018

Bahrain announces biggest oil find since 1932

 

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Bahrain has announced its newly discovered shale oil reserve was estimated to contain more than 80 billion barrels, making the once-marginal oil producer potentially a major player in the market.  Initial analysis demonstrates the find is at substantial levels, capable of supporting the long-term extraction of tight oil and deep gas.

A recent analysis from Moody’s noted that Bahrain oil find could stimulate private investment in the country’s energy sector in the near term, and in the medium-term could increase government and oil and gas related revenue and reduce the country’s fiscal and current account deficit.

Two Western firms have confirmed those numbers in independent appraisals, and Bahrain's government is working with Halliburton Co. to drill two more appraisal wells this year. International consultants DeGolyer and MacNaughton, Halliburton, and Schlumberger are heading the project with Bahrain's National Oil and Gas Authority.

Bahrain's leadership is optimistic that the country's economic fortunes will improve after the government announced its largest ever oil discovery.

Bahrain will introduce VAT before the end of 2018

Bahrain will impose a value-added tax to help generate revenue. Govt. aims to have everything set up by the end of 2018 as it seeks to move beyond oil revenues.

Manama named the world's best city for expats

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Manama, the capital of Bahrain, has been named as the world's top city for expats in 2017, Expat City Ranking, mirroring Bahrain’s overall lead in the Expat Insider 2017 survey.

Manama was placed ahead of Prague, Madrid, Kuala Lumpur, and Amsterdam in the global top five.

The ranking is based on data collected in the annual Expat Insider survey, conducted by InterNations, the largest expat community worldwide.

More than six in ten expats in the Bahraini capital (63 percent) feel positively about their job security,

The survey ranks cities by a variety of factors from the areas quality of urban living, getting settled, urban work life, as well as finance and housing.