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.
“Based upon a recent front end engineering design study, the company already has a detailed well plan in place but this will benefit significantly from this clear input from the government in terms of their enhanced environmental regulations and input and cooperation with the BEST commission as well as a positive mandate from the people of the Bahamas.