Bahrain expects more than $20bn in energy investments

"Although being one of the smaller countries in the region, Bahrain, in its own right, will attract about $20bn over the next 15 years," he said.

Demand for oil in the Middle East has been on a steady rise, causing concern over supply levels, according to Dr. Mirza. This year, consumption rates in the Middle East represented 9% of world consumption, compared to 6.6% in 2000.

"The Middle East, in addition to its role of being the leading producer of oil and gas in the world, is becoming one of the fastest growing areas of demand," he said.

To meet the growing demand, Bahrain 's government is investing $8 to $10bn in the Refinery Master Plan Project, which seeks to update the country's refinery to meet market demands and environmental standards. Additionally, Bahrain plans to spend more than $25m per year as part of Bahrain Economic Vision 2030 to adequately train staff for careers in the sector.

Along with the refinery upgrade, renewable energy pilot projects are also underway.