Eighty-six years after its largest oil discovery in 1932, Bahrain announced on Sunday the discovery of a new tight oil and deep gas resource in the Khaleej al-Bahrain basin, located off the west coast of the Kingdom. The announcement was made by Bahrain’s Higher Committee for Natural Resources and Economic Security, chaired by HRH the Crown Prince Salman bin Hamad Al Khalifa. “The find represents the largest discovery of oil in the Kingdom since 1932, when extraction started on Bahrain’s first oil well within the Bahrain Oil Field. The new resource is forecast to contain highly significant quantities of tight oil and deep gas, understood to dwarf Bahrain’s current reserves,” Bahrain news agency reported. Crown Prince Salman bin Hamad Al-Khalifa, Deputy Supreme Commander and First Deputy Prime Minister had carried out the royal directives of giving utmost priority to oil exploration, mapping out detailed plans for that and following up on their implementation. Commenting on the discovery, Bahrain’s Minister of Oil, Sheikh Mohammed bin Khalifa Al Khalifa, said: "Following the initial discovery of the resource, detailed analysis of the find’s content, size and extraction viability has been undertaken alongside internationally-renowned petroleum industry consultants, DeGolyer and MacNaughton (Demac). He added: "Today we announce that initial analysis demonstrates the find is at substantial levels, capable of supporting the long-term extraction of tight oil and deep gas." The government confirmed that Bahrain’s National Oil and Gas Authority (NOGA), alongside private sector partners, are ongoing for detailing the ultimate quantity and market value of the find. The discovery is expected to support extensive and long-term downstream activities in Bahrain. The Ministry of Oil will host a press conference next Wednesday to provide additional details on the discovery, including initial findings of size and extraction viability.