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BPC awards seismic survey contract

Bahamas Petroleum Company PLC(BPC)has awarded Osprey Navigation Company a contract to provide a close grid 2D seismic survey of four of the company’s petroleum exploration licences in The Bahamas.

The announcement came from the oil and gas exploration company on January 11, and follows seismic data obtained in June 2010 which showed the existence of potential super-giant traps with seismic indications of hydrocarbons beneath the waters covered by those licences. The company used more advanced seismic acquisition technology for that study, which was the first since”vintage”seismic results obtained in 1987, according to a release from RNS news service.

According to the release, the purpose of the proposed 2011 survey is to define drillable prospects and resource potential in place.

In May of last year Chief Operating Officer of BPC Paul Crevello toldGuardian Businessthat with proper approval from the government and the right seismic studies completed, the company would go ahead and begin to drill off the coast of the country.

In the wake of the 20 April 2010 Deepwater Horizon oil rig explosion and subsequent oil spill, the worst in US history, the Government of The Bahamas suspended all oil exploration and drilling applications in the archipelago.

“The Ministry of the Environment has suspended consideration of all applications for oil exploration and drillings in the waters of The Bahamas. The ministry seeks, by this decision, to maintain and safeguard an unpolluted marine environment for The Bahamas, notwithstanding the potential financial benefits of oil explorations,”read a statement from Environment Minister Earl Deveaux, released on 30 August 2010.

Guardian Businessalso reported that BPC believes there could be as much as$12 billion in oil revenue in Bahamian waters, specifically in the Cay Sal Bank area. The company estimated a Bahamian oil industry could create around 15,000 jobs.

Osprey Navigation, a subsidiary of SeaBird Exploration FZ LLC, would use the M/V Osprey Explorer for the survey, which the BPC anticipates for 2011, according to the RNS release.

BPC holds five petroleum exploration licenses, covering 3.87 million acres in Bahamian territorial waters and its maritime exclusive economic zone(EEZ). Four of the licenses, named Bain, Cooper, Donaldson and Eneas, are in the south-west Bahamas near the Cuban border. They vary in acreage from 775,468 acres to 780,316 acres. A fifth licence is held through a wholly owned subsidiary of BPC, Island Offshore Petroleum Limited. The licenses expire 26 April 2012, according to the BPC’s website.

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