Business & Finance Club Magazine - Oil & Gas Sector - Bahrain (MANAMA) - Bahrain's Minister of Oil and Gas Abdulhussein Merza said Monday heavy oil reserves in the Arab Gulf Island is around a billion barrels.

Addressing the opening session of the Heavy Oil World 2010 Conference, Merza said 15 percent of heavy oil reserve could be drilled out, noting possibility of increasing production with modern drilling equipment.

Bahrain's oil and gas authority seeks to increase oil production by 70,000 barrels per day (bpd), he said.

"Bahrain needs investments of around USD 15 billion in the next 15 years to increase oil and gas production," said Merza who noted importance of the heavy oil as a source of energy in future.

"The large amounts of heavy oil and the strategic geographical distribution, quality and expenses will determine the role of oil supplies in future," he added.

The participants in the conference, said Merza, would focus on exploration, production, improving quality of heavy oil, the new techniques to drill for heavy oil and investment opportunities.