In an unprecedented step in the region, Bahrain announced on (June 2, 2019) allowing foreign companies to own 100% in projects of natural oil and gas extraction inside the country.

The National Oil and Gas Authority signed on Monday (April 1, 2019) a letter of intent with Chevron Company regarding conducting a joint assessment study for the discovery and exploration of oil in the Gulf of Bahrain region.

The production process of the first shale oil well in Bahrain will begin next April or May, said a Tatweer Petroleum official.

Bahrain plans to commission its expanded oil refinery by early 2023, allowing it to sell and trade more petroleum products in the Gulf region and Asia, the chief executive of state-owned oil company Bapco said.

Bahraini Oil Minister Mohammed bin Khalifa Al Khalifa said that a petroleum development company is currently conducting surveys of the shear zones with a company, without mentioning further details.

Bahrain's announcement of the discovery of a large shale oil field off the country's west coast was one of the highlights of 2018. It was the largest discovery as described by the state agency since 1932; estimated to be over twice the size of the Bahrain Field. It was a great occasion for formal government celebration, but it also quickly turned into unanswered questions.

Oil and gas analysts at BMI Research said that they do not expect Bahrain�s recent discovery of a large oil and gas field to yield a �significant economic windfall� for the country.