BPC: no commercial quantity of oil found

Bahamas Petroleum Company (BPC) announced today that its exploratory well in Bahamian waters failed to produce oil in any commercial quantity.

In a statement, BPC said drilling has ceased and the well will be permanently plugged and abandoned.

“The Perseverance #1 well in The Bahamas has encountered hydrocarbons, successfully validated the structural model and the petroleum system, and drilled a majority of the potential reservoirs of interest, thus fulfilling the core technical objectives of the well.

“Whilst the well encountered oil, indicated from LWD (logging while drilling) tools, gas chromatography and mud logs, commercial volumes of oil have not been proven at this well location.”

The conclusion of the exploratory drilling comes nearly two months after the Perseverance #1 well was spud.

BPC CEO Simon Potter said, “I am proud to say that after many years of diligent effort we did what we said we would do: BPC drilled the Perseverance #1 well safely and without incident, testing for the presence of hydrocarbons in the Southern Seas of The Bahamas. This was the very specific objective of the well – not a scientific or geologic experiment, but to seek hydrocarbons in commercial quantities.”

Perseverance #1 is located 90 miles west of Andros. BPC was targeting oil resources of .77 billion barrels with an upside of 1.44 billion barrels.

BPC said over the coming weeks it 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 license obligations, according to the statement.

Last month, a Supreme Court justice granted a group of environmentalists leave to bring judicial review proceedings against government’s decisions to authorize exploratory oil drilling by BPC.

Waterkeeper Bahamas Ltd. and the Coalition to Save Clifton Bay had been seeking to have drilling halted; however, Justice Petra Hanna-Adderley refused that application. It is unclear how the matter will proceed given the latest findings.

The post BPC: no commercial quantity of oil found appeared first on The Nassau Guardian.

source https://thenassauguardian.com/bpc-abandons-exploratory-well/