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Large oil prospects found in latest BPC study

Further studies by the Bahamas Petroleum Company(BPC)have revealed”giant”sized structures in its southern licenses, after a previous independent study showed the potential for several hundred millions barrels of oil in that area. Dr. Mark Rowan of Rowan Consulting and Paul Ozanisch of Lago Petroleum Consulting conducted the research. CEO of BPC Dr. Paul Crevello said the findings unveiled some of the potential for oil in the area.

“Rowan’s and Ozanich’s reports are significant because they provide the first modern interpretation of seismic data and exploration potential of the Bahamas Offshore Petroleum licences from the Bahamian fold belt,”Crevello said.”These independent studies verify the extent and style of structural geometry of the large-scale folds, which was not possible from the historical seismic data. Improved technology enabled exceptional resolution within the folds, allowing us to see for the first time the lateral continuity of potential reservoir and sealing strata.”

The independent studies included results from the June 2010 fully processed pre-stack time migration(PSTM)data, along with preliminary mapping results of shipboard analysis of a January 2011 2D seismic survey.

Non-executive Chairman of BPC Alan Burns was impressed by the size of the structures and is looking foward to moving closer to the drilling stage–which is subject to government approval. The U.K.-based oil exploration company said it is now considering conducting a 3D seismic survey.

“These structures are exceptional in the size and extent of the 4-way closure; indeed I am not aware of any anticlines of this size in the Gulf of Mexico/Caribbean region,”Burns said.”We look forward to testing these structures with the drill bit to determine if hydrocarbons are present. Bahamas Petroleum intends to stay on course to drill a well within the next twelve months, once appropriate drilling and environmental regulations are in place in the Commonwealth of The Bahamas.”

Earlier in the month, BPC discovered multiple drilling prospects after completing a two-dimensional seismic survey of its four southern licenses in The Bahamas. The process consisted of a 1,120 kilometer, two-dimensional seismic survey over four of its offshore licenses.

Crevello mentioned in an earlier interview that the country is capable of having fields with over 500 million barrels, and as much as one million barrels of oil.

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