MANAMA, March 28 (Xinhua) -- Bahrain denied on Tuesday that the oil production in Bahrain will deplete within the next fifteen years, Al Wasat local online news reported.
The Minister of Oil Shaikh Mohammed bin Khalifa Al Khalifa confirmed in the parliament session that the oil reserves will continue for the decades.
He was responding to a remark by MP Majeed Al Asfoor who claimed that Bahrain has only years for its oil production to end.
The minister said that the Bahrain Oil Company will face a major expansion in the coming phase as well as plans to create diversity of oil resources.
He announced earlier plans to invest in excess of 7 billion U.S. dollars across several separate ventures in the next five years
In 2016 the government of Bahrain increased the prices of fuel in the local market.
It has increased the regular gasoline grade from 80 fils per litre to 125 fils per litre and the premium grade from 100 fils per litre to 160 fils per litre.
The decision to increase the price of the local gasoline product has always been part of the government plan to cutback the subsidies from certain services and commodities such as fuel, electricity and water.