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E & P News

2017

Mar 2017: Bahamas Petroleum Company (BPC) has been given another year, until April 2018, to drill a well on one of its 4 southern licenses. The licenses were initially awarded in April 2007, extended to 2012 in 2008, renewed into their second exploration period in 2013 and a license renewal addendum was agreed in May 2015. It continues to look for a farm-out partner.

2016

Mar 2016: BPC has re-engineered its planned first offshore exploration well offshore in order to reduce expected costs (to US$50-$60 mm). The well is planned for 2017 (Globalshift notes: the company will require a farmout which is unlikely in the current oil price environment). BPC has decided not to enter the second exploration period for its Miami license in the north.

Feb 2016: Bahamas Petroleum Company (BPC) announced that the Petroleum Bill and associated Regulations have been passed by the Bahamian Senate. They will be known as the Petroleum Act and the Sovereign Wealth Fund Act. The new legislation will enable the Company's goal of drilling the first modern oil exploration well in The Bahamas since the 1980s.

2015

Jun 2015: BPC announced that the Governor-General has signed the Licence Renewal Addendum for its 4 offshore  licences ; Bain, Cooper, Donaldson and Eneas. The second exploration term will run until June 8, 2018.

May 2015: Bahamas Petroleum has agreed terms of a Licence Renewal Addendum for its 4 southern licences including extensions to 2Q 2018 and drilling commencement by April 2017.

2014

Dec 2014: Bahamas Petroleum Company (BPC) has announced a new Petroleum Act and suite of associated regulations has been placed before Parliament with a Sovereign Wealth Act to ensure wealth from any successful exploration would be optimally invested. The legislative package will provide an updated framework for petroleum exploration operations.

Jan 2014: Statoil intends to discontinue the joint licence development agreement held with Bahamas Petroleum, in place since May 2009. The 3 licence applications, Zapata, Falcones and Islamorada, will revert into Bahamas Petroleum’s sole name who are attempting to farm-out interests. The licences include an obligation to commence an exploration well by April 2015.

2013

Jul 2013: Bahamas Petroleum has announced that the statutory term for 5 licences held by the company have each been renewed. The new licence term is for a further 3 years with an obligation to commence the drilling of an exploration well by April 2015. The Company expects to meet this obligation, subject to financing via a farm-out agreement.

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