Who We Are
The Bahamas Petroleum Company was formed to invest in an offshore oil exploration programme in licence areas covering approximately 16,000 sq km (4 million acres) in the territorial waters and maritime Exclusive Economic Zone (EEZ) of The Bahamas. The Group holds 100% interests through wholly owned subsidiaries in five Exploration Licences granted by the Government of the Commonwealth of The Bahamas, and has applications for an additional 5 licences.
Over the past sixty years, sporadic exploration has been conducted in The Bahamas. However, there has been very little drilling activity, with no drilling in the last 25 years, and, until Bahamas Petroleum Company’s involvement much of the seismic acquisition activity also occurred more than 25 years ago. Five deep petroleum exploration wells have been drilled onshore or in the Bahamian shallow waters between 1947 and 1986. Two wells were drilled in Bahamas Petroleum Company’s current licence areas -Great Isaac #1 & Doubloon Saxon #1.
In spite of the previous activity there was little or no oil and gas data readily available in The Bahamas when the Bahamas Petroleum Company project was initiated in 2005. By conducting a three year international search and the purchase of materials from oil companies, universities and research institutions, the Bahamas Petroleum Company team has acquired extensive material which includes well cores and rock samples going back to 1958 and a large amount of seismic data of various qualities.
In 2010 and 2011 the Company acquired modern 2D and 3D data over the southern licences. These data confirmed the presence of several large structures and provided the basis for the Ryder-Scott Competent Persons Report (CPR) released in July 2011. (This report is posted under Our Operations/Competent Persons Report).
Interpretation of the processed 3D data has educated a variety of other programmes the Company has been running whilst greatly reducing the level of technical risk associated with the prospective structures identified in prior years. Following the receipt of a FEED study from ADTI, over the first exploration well, the company has been undertaking detailed in-house review of well design parameters to further reduce both the cost and risk of the well, so as to provide the maximum upside to shareholders through the execution of our drilling commitment.
With the benefit of this accumulated knowledge – both recent and historical – and the use of modern interpretative technologies Bahamas Petroleum Company is proud to be able to bring new insight to the potentially significant prospectivity of The Bahamas for world scale oil and gas discoveries. Now with the world ever hungrier for new large oil hydrocarbon supplies, particularly close to the major markets of North America, this work could realise a substantial increase in wealth creation for the people of The Bahamas, our shareholders and our many other stakeholders. Management has long experience in finding and developing new oil and gas fields in overlooked as well as new areas and has a sound track record for value creation.