BPC spuds Perserverance #1 well

BPC spuds Perserverance #1 well
BPC: "Perseverance #1 — a potentially transformational exploration well." The well is 90 miles from Andros, and approximately 270 miles from Nassau.

Drilling of the exploratory well to take 45 to 60 days

NASSAU, BAHAMAS — The Bahamas Petroleum Company (BPC) has announced that it commenced the drilling of its exploratory oil well yesterday.

BPC Chief Executive Officer Simon Potter said in a statement to shareholders that the drilling is expected to take 45 to 60 days to complete, with “the highest environmental and safety standard”.

The well is 90 miles from Andros and approximately 270 miles from Nassau.

“This is a momentous milestone for both BPC and The Bahamas and represents the culmination of more than ten years’ work by a team who have remained steadfast in their belief in this project throughout — that it is finally taking place is a testament to the application, skill and professionalism of many people over those years,” said Potter.

“…Our shareholders have been extremely patient, but we are now within a couple of months of understanding the scale of potential resource uplift that might be accessed within the licenses: a potential uplift that is the traditional domain of the oil majors.”

He noted that over a decade ago, BPC secured several offshore hydrocarbon licenses in the far-southern waters of The Bahamas and has spent close to $120 million “bettering our technical understanding, continuing to de-risk the play and ultimately preparing meticulously for exploration drilling”.

“Our 3D seismic survey revealed structures that have the potential to contain a world-class, multibillion-barrel oil resource that, if present in the way we hope, could prove to be transformative — not just for our company, but for the nation and people of The Bahamas as a whole,” Potter added.

“I very much look forward to updating shareholders with results once the well has been completed. The next several weeks will be a truly exciting time for BPC.”

consortium of more than 80 local and international NGOs has filed a legal action seeking a judicial review of the matter and an injunction against BPC’s plan to drill for a test well.

Additionally, some 17 members of the United States Congress have urged the government to reconsider its agreement with BPC for exploratory oil drilling in The Bahamas and questioned the company’s and the government’s capacity to mitigate a serious disaster.