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The carbonate banks of the Bahamas rest on volcanic basement. The banks formed in the Late Jurassic in shallow waters and are faulted and tilted in response to continued subduction of the North American plate under the Caribbean plate.
Globalshift regards the stratigraphy of the Bahamas to preclude oil and gas potential onshore. There may be some potential offshore in deep waters and the Bahamas Petroleum Company is trying to kick start exploration with exclusive licences over a number of areas. It is also encouraging the government to introduce a new Petroleum Bill. However, the risk of failure is very high.
Globalshift.co.uk (source: Bahamas Petroleum Company)
Apart from a limited number of offshore exploration wells drilled through the years, the first in 1958, The Bahamas have no history of drilling and no production. A number of licences have been issued offshore and these may attract new exploration drilling in the future.
However, despite this Globalshift does not forecast any future production of oil or gas in the country.
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