The Mineral Industry Of Other Countries Of The Near East - Bahrain

Bahrain's oil revenue increased from $337 million2 in 1916 to $378 million in 1977. Despite the increase in value, petroleum receipts made up only 584 of all Government income in 1877, compared with 74% in 1976 and 83% in 1975. Bahrain became an oil producer in 1932 with the discovery of the Awali oilfield, and since that time, the Awali oilfield has produced over 600 million barrels of crude oil. Awali production in 1977 was 21.2 million barrels. Bahrain shares the revenue from the Abu Safah oilfield, located in the Persian Gulf north of Bahrain, equally with Saudi Arabia. Revenue from the Abu Safah oilfield was approximately $179 million or 47% of oil revenues in 1977. Output from the Abu Safah oilfield was 48 million barrels, an increase of nearly 30% over 1976 output. The Bahrain Petroleum Company (BAPCO). the nation's only oil-producing company, was owned 40% by California Texas Oil Corp. (CALTEX and 60% by the Govern¬ment. The Government established Bahrain National Oil Co. (BANOCO) in 1976 to administer the Government's share of BAPCO, oversee exploration concessions, and manage domestic marketing of petroleum products. The Government announced its intention to acquire 100% control of crude oil and natural gas production. CALTEX was to retain complete control of the 250,000-barrel-per-day oil refinery near Sitrah.