Bahamas Petroleum Co. (BPC) has been awarded an exploration license offshore Uruguay by the Uruguayan national regulatory agency, ANCAP.
The OFF-1 license provides for an initial 4-year exploration period, during which time BPC will reprocess 2,000 km of legacy 2D seismic and undertake new geotechnical studies at a cost of $200,000/year.
Apart from the costs of completion of the minimum work program there are no annual license fee payments, and no drilling is required in the initial 4-year period. Extension into a second exploration period is at BPC’s election.
With a total area of 15,000 sq km, the block lies 100 km offshore Uruguay in water depths of 20-1,000 m and holds management estimated resource potential of up to 1 billion boe.