via Stena Drilling

Bahamas - BPC Spuds Perseverance Well off Bahamas

Bahamas Petroleum Company (BPC) has started drilling its eagerly anticipated Perseverance #1 well located offshore the Bahamas, using the Stena IceMAX drillship.

The well was spud on 20 December 2020 and it is anticipated to take 45 – 60 days to complete, BPC said on Monday. The Perseverance #1 well is targeting P50 prospective oil resources of 0.77 billion barrels, with an upside of 1.44 billion barrels.

BPC has experienced delays and increased costs while preparing to drill the Perseverance #1 well due to Covid-19 mitigation measures. BPC has also faced disruptions from environmental activists who raised concerns with a Bahamas court related to the company’s plans to drill the Perseverance #1 well.

The company believes the objections are without merit and opposed the application.

Following the well spud, Simon Potter, Chief Executive Officer, commented: “This is a momentous milestone for both BPC and The Bahamas and represents the culmination of more than ten years work by a team who have remained steadfast in their belief in this project throughout – that it is finally taking place is a testament to the application, skill and professionalism of many people over those years”.

Read more.