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Bahrain enjoys oil windfall

Bahrain’s oil revenues last year nearly doubled to BD943.8 million (US $2504 million), an increase of BD453.8 million (US $1203.7 million).

Bahrain’s oil revenues last year nearly doubled to BD943.8 million (US $2504 million), an increase of BD453.8 million (US $1203.7 million), according to a financial report submitted by National Audit Court.

Oil revenues were initially estimated at BD490 million (US $1299.7 million), calculated on the basis of a benchmark crude price of US $18 per barrel.

The surge in oil revenues also pushed total government revenues to BD1300.4 million (US $3499.3 million), BD494.4 million (US $1312.1 million) more than the previous year.

Last month, the parliamentary committee agreed that Bapco would pump BD392 million (US $1039.8 million) into the nation’s coffers as against the BD44 million (US $ 116.7 million) that the government had originally planned.

Abu Safa oilfield contributed BD733.6 million (US $1945.8 million), or 77.7% of the total oil revenues. Bahrain field generated revenues of BD143.1 million (US $379.8 million), up by BD120.6 million (US $320.1 million) on the estimated BD22.5 million (US $59.7 million). Non-oil revenues represented 25.7% of government income for 2004.

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