The Bahamas Petroleum Company is continuing to discuss a potential farm-out of their remaining Bahamas licenses with industry counterparts.
A release today confirming that newly acquired technical data will facilitate valuable updates and refinements to the process of exploration and subsequent production of oil in the region.
The company plans to launch an entirely new farm-out process with funding and an operating partner for the next stage of exploration activity in The Bahamas.
Additionally, with the belief there is considerable value waiting in the southern Bahamas near the Cuban border, BPC intends to renew the four southern licenses into a third exploration period at the end of the current second exploration period at the end of June.
The third exploration period is scheduled to last for three years and will allow exploration for this resource to continue and carries an obligation to drill a further exploration well – at no financial cost to the government.