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BPC embraces referendum on Bahamas drilling

Bahamas Petroleum Co (LON: BPC) has said it welcomes a decision by the Bahamas government to hold a national referendum on the company’s exploratory drilling plans. 

Oil & Gas Journal
Tuesday, September 11, 2012
Tuesday, September 11, 2012

HOUSTON, Sept. 10/12 (OGJ) – Bahamas Petroleum Co. PLC said it has positively reacted to a decision by the Bahamas government to hold a national referendum on the company’s exploratory drilling plans.

Following the recent general election, the government notified BPC that the company is in full compliance with the licenses and that due to the referendum it will not be held to the April 2013 drilling commitment timing (see map, OGJ, July 13, 2009, p. 34).

The government also detailed recommendations from the Bahamas Environment, Science and Technology Commission regarding completion of the Environmental Impact Assessment (EIA)/ Environmental Management Plan (EMP) process associated with the company’s future drilling obligation that BPC has already adopted.

BPC said the government communications provide clarity for the potential partners with whom farmout discussions continue.

BPC noted that the confirmations from the government assure the integrity of the license area, enable the company to schedule drilling to avoid the 2013 hurricane season, and ensures sufficient time to plan and execute the safest well possible without breaching the terms of the second phase of the license agreement.

This is an excerpt from Oil & Gas Journal as it appeared on September 11, 2012. For updates or to read the current version of this post in its entirety, please click here.

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