Offshore staff
DOUGLAS, UK – Bahamas Petroleum Co. (BPC) has issued an update on its exploration program offshore Uruguay.
State-owned ANCAP has advised the company that signing of the offshore OFF-1 block contract is still awaiting presidential approval, the delay caused by the impact of COVID-19.
However, BPC expects formal contract execution to be completed during 2Q, allowing initial desk-top and technical work to proceed.
Technical work undertaken by ANCAP has highlighted the exploration prospectivity across the 15,000-sq km (5,791-sq mi) license area, and includes detailed mapping of various play types and prospects, notably the syn-rift play potential within the OFF-1 block.
Prospect and lead screening have led to identification of the Lenteja prospect in 80 m (262 ft) of water, with potentially 1.359 Bbbl recoverable, plus upside.
As for BPC’s recent well on the Perseverance prospect offshore The Bahamas, results indicated the presence of hydrocarbons. The estimated total cost was around $45 million.
The company has since held discussions with various parties concerning a potential farm-out of its Bahamian offshore licenses. It is now looking to start a new farm-out process via Gneiss Energy with a view to attracting a funding and operating partner for the next stage of exploration activity.
At the same time, BPC plans to exercise its right to renew the four southern licenses into a third (three-year) exploration period when the current second period expires at the end of June.
A further exploration well would need to be drilled before the third period expires.
03/24/2021
