Offshore energy exploration.(BAHAMAS)

0 Comments | Caribbean Update, July, 2009

Australian energy exploration company, BPC Ltd on May 18 announced an offshore joint venture with Norway's StatoilHydro launch the first major exploration project here since 1986:

A report, published last year, stated that there could be multiple 500 MMBOE oil fields in 18 leads recognized in BPC's southern Bahamas licensed area (source: Competent Person's Report by Moyes & Co., Inc. contained in BPC's AIM admission document, Aug. 2008). The CPR evaluated BPC's licensed area adjacent to and along trend of the 'JV' area. A U.S. Geological Survey (2008; Report DDS-69-M) study of the offshore northwest Cuba Basin estimates a potential of 7-14 billion barrels equivalent (oil and gas) of undiscovered resources, said exploration VP Erik Finnstrom, StatoilHydro;...