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Bahamas expects to strike oil – Businessweek

Bahamas Petroleum Co is looking for a partner to raise at least $100 million to drill the country’s first exploration well in about 27 years, reports Businessweek today. BPC holds five licenses covering more than four billion barrels of potential oil resources and is seeking three more with Statoil ASA. 

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Businessweek
Friday, April 19, 2013
Friday, April 19, 2013
Eduard Gismatullin

April 19, 2013 (Bloomberg/Businessweek) — Bahamas Petroleum Co. (BPC), the only explorer searching for oil off the Atlantic archipelago, expects to find crude even after efforts off nearby Cuba failed.

A seismic study by Bahamas Petroleum, or BPC, showed that the Great Bahama Bank may have oil at shallower water depths, making it easier to drill, and a layer of salt keeping the crude in place, Chief Executive Officer Simon Potter said in London.

BPC is looking for a partner to raise at least $100 million to drill the country’s first exploration well in about 27 years. It holds five licenses covering more than 4 billion barrels of potential oil resources and is seeking three more with Statoil ASA. (STL) The nation in March allowed exploration to go ahead on the condition a referendum be called before the first oil is pumped.

This is an excerpt from Businessweek as it appeared on April 19, 2013. For updates or to read the current version of this post in its entirety, please click here.

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The second special feature on The Bahamas published on the US website of the largest English language newspaper in China, The China Daily, focuses on the jurisdiction's financial services industry and transport links. Read the article here.

Palm Cay sales and marketing director Zachary Bonczek announced this week that the developer will pay all stamp tax on the purchase of a condo or home in the upscale waterfront community on Nassau's southeastern shore on contracts signed by April 30. Pictured: Palm Cay sales and marketing director Zachary Bonczek. (photo courtesy Palm Cay)

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