The Bahamas Petroleum Company (BPC) announced today (Monday February 8th, 2021) that they have completed drilling at the Perseverance 1 well.
They found oil but not in commercial quantities and reported no leaks or other incidents during drilling.
They are committed to permanently sealing that well, but they are reviewing the data they collected from Perseverance 1 so that they can use the data to capitalize on the other areas they have leased in the Bahamas.
Over the coming weeks, BPC will be undertaking a detailed review of the technical data and results from the drilling of the Perseverance #1 well. These results will be presented to the Government of The Bahamas in accordance with the Company’s licence obligations.
RNS Number : 2382O
A core focus of this review will be an assessment of the technical and value potential established by the drilling of Perseverance #1, and the definition of further activities that will maximise the Company’s ability to monetise and thus create value from its extensive acreage holding in The Bahamas.”
Bahamas Petroleum Company PLC
08 February 2021
While this is a breath of fresh air for the Bahamas and a welcome Valentine’s gift for those that love our pristine waters and make their living from our marine resources, the fight is not over.
The ongoing Judicial Review is still needed to determine whether the permits and licenses granted to BPC were held to the required legal and policy standards.
Our local partners are still encouraged to assess their tourism and fisheries related businesses to inform the government of their value and the potential social and economic impacts of a spill if oil exploration were to continue in the Bahamas.
You can read the BPC report on to the London Stock Exchange here.