With the House of Representatives' approval of the draft budget law for the next two years, and citizens not experiencing any real livelihood improvements, the authorities in Bahrain returned to their well-known game, by which they sell an illusion, as they made promises of new explorations in the oil and gas sectors.

The National Oil and Gas Authority issued a statement in which it denied what the Al-Ayyam newspaper published on the behalf of the Oil's Ministry Mohammed bin Khalifa Al Khalifa regarding the oil discovery in the recently discovered block 4 in the Gulf of Bahrain.

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.

US Ambassador Justin Siberell said he looked forward to accompanying Bahraini Oil Minister Mohammed bin Khalifa Al Khalifa to Houston to promote an oil field that Bahrain says it has discovered.

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

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 King Hamad bin Isa Al-Khalifa hinted on Wednesday (October 3, 2018) that his country would remain dependent on support of Gulf states until the feasibility is proved of the oil discovery announced by Bahrain earlier this year.

The Oil Minister Mohammed bin Khalifa Al Khalifa said that his country is trying to attract American investors in the oil shale industry under suitable conditions.

Bahraini Crown Prince has called for developing necessary mechanisms for inviting and attracting international companies to invest in the new oil field.

An economic find said that Bahrain's onshore oil reserves, which the US Energy Information Administration (EIA) estimates at 125 million barrels, will last less than 7 years at the current rate of production.

Oil Minister Mohammed bin Khalifa Al Khalifa said that the National Oil and Gas Authority is currently drilling the oil wells that were recently discovered in Bahrain.

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.

Saudi Arabia has so far refrained from making a formal statement on the huge oil discovery in Bahrain.

The oil discovery announced by Bahrain , if verified by an international oil consortium as being technically and economically recoverable, could stimulate private investment in the country's energy sector in the near term, according to Moody’s.

A report issued on World Politics Review website stated that the nature of the new oil discovery in Bahrain is “an offshore shale oil field, which if successful would be the first of its kind in the world.”

So far, Saudi reactions to this discovery have been limited to popular Twitter pages who have sent good wishes to Bahrain amid official state silence.

Bahrain is truly an international destination, attracting athletes, musicians, and fans of temporary pastime, yet its public debt is of $24 M, and is limitless. Be that as it may, “The Kingdom is heading towards more welfare and prosperity with God’s help”. This is what the King reassures us with. But how would that be possible? Only God knows.

The “cost of extraction” should be the secret key to addressing the truth of this discovery. It is the “Achilles heel” of Bahrain which should make us wary of going a long way in applauding it.

Bahrain’s biggest-ever oil discovery couldn’t have come at a more crucial time, but anyone expecting a sudden revival in the country’s financial fortunes is likely to be disappointed.

The Central Bank of Bahrain (CBB) said it had approached credit rating agencies to improve Bahrain's credit status in light of the country's biggest oil discovery.