Bahrain makes biggest oil find in its history

Bahrain has made the biggest hydrocarbon discovery in its history, with a huge oil and gas field found in the west of the country.

"The find represents the largest discovery of oil in the kingdom since 1932, when extraction started on Bahrain's first oil well within the Bahrain oil field," Bahrain's news agency announced Sunday. 

"The new resource is forecast to contain highly significant quantities of tight oil and deep gas, understood to dwarf Bahrain's current reserves."

The agency said that the find is "many times" more than Bahrain's only operational oil field, which pumps out around 50,000 barrels a day. 

It also shares the Abu Safah oil field with Saudi Arabia, which produces around 150,000 barrels a day.

Unlike its neighbours, Bahrain has relatively small oil and gas reserves and has been one of the less wealthy GCC states. 

Although hydrocarbons are an important part of the country's economy, Bahrain also relies on industry, banking and tourism for revenues.