Bahrain's Oil and Gas Affairs Minister Dr Abdul-Hussain Mirza opened this year's StocExpo exhibition in Bahrain, which attracted visitors from 29 countries.
In his conference welcome address, Dr Mizra said Bahrain plans to expand production capacity and enhance import connections with Saudi Arabia through a crude pipeline.
Regional product supply capability will increase from 7.6 million b/d to 11.9 million b/d, representing an annual increase in supply of about 5.6%.
Two major campaigns have been established to attract bids from international oil companies for exploration of offshore petroleum resources and for enhancing reserves and recovery from the Bahraini offshore field.
Bahrain is investing $1.1 billion (741,000) to modernise refinery assets to reduce the high level of sulphur content in the diesel the country produces. Bahrain's oil production is expected to be doubled by the middle of next year after the development of the oil field. Total output is to reach 70,000 barrels a day.
Middle East storage capacity is 31.5 million barrels, excluding capacity available at refineries, and this is set to increase by 16.9 million barrels over the next few years.