May 2021: Bahamas Petroleum Corporation, the only upstream company operating in the country, changed its name to Challenger Energy Group (CEG). After farm-out discussions the company intends to renew its 4 southern licenses into a 3rd, 3-year ‘drill or drop’ exploration period.
Feb 2021: Bahamas Petroleum Company (BPC) has failed to find commercial hydrocarbons at its Perseverance-1 well. Migrated oil shows indicated by LWD tools were reported within potential Lower Cretaceous reservoirs.
Dec 2020: Bahamas Petroleum Company spudded the Perseverance-1 well on 20th December. It will take up to 60 days to drill.
Aug 2020: Bahamas Petroleum Company has been granted an interim force majeure extension to the 2nd exploration period for its southern licences which will ensure the Perseverance-1 well can be drilled within the timeframe of its rig contract with Stena Drilling. The rig is now expected to arrive at the end of 2020.
Mar 2020: Bahamas Petroleum is re-scheduling drilling of its Perseverance-1 mid-October onwards under force majeure.
Jan 2020: Bahamas Petroleum (operator, 100%) will drill the Perseverance-1 exploration well in April 2020 on the northern segment of the B structure in a water depth of 518m.
Feb 2019: Bahamas Petroleum Company (BPC) has been awarded an extension of the 2nd exploration period on its 4 offshore licenses; Bain, Cooper, Donaldson, and Eneas. BPC said the licenses will be extended until end 2020 with an obligation to drill an exploration well.
Aug 2018: Bahamas Petroleum reported that the major oil company with a 3-month exclusivity deal has elected not to extend negotiations beyond 31 August 2018. BPC has now resumed broader, asset-based discussions with third parties for the funding of its first exploration well.
May 2018: Bahamas Petroleum Company (BPC) entered into an exclusivity agreement with an international oil company to conclude a technical evaluation of its licenses. Bahamas Petroleum will receive US$250,000 per month for an initial 3-month period. It owns 100% of 5 licenses, Bain, Cooper, Donaldson, and Eneas in the south and Miami in the north.
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.
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.
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.
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.
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.