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BPC ceases drilling as no commercial volumes of oil found

THE STENA Icemax.

THE STENA Icemax.

Environmental campaigners were celebrating this morning after Bahamas Petroleum Corporation announced it has ceased its drilling operations after having failed to find commercial volumes of oil.

BPC revealed its controversial exploratory drilling was over and the well which had been drilled will be sealed.

photo

Simon Potter

“Whilst the well encountered oil, indicated from LWD (logging while drilling) tools, gas chromatography and mud logs, commercial volumes of oil have not been proven at this well location," BPC said in a statement.

CEO Simon Potter said: “I am proud to say that after many years of diligent effort we did what we said we would do: BPC drilled the Perseverance #1 well safely and without incident, testing for the presence of hydrocarbons in the Southern Seas of The Bahamas. This was the very specific objective of the well – not a scientific or geologic experiment, but to seek hydrocarbons in commercial quantities.”

Comments

Kalikgold 1 year, 9 months ago

I speak for most Bahamians when I say "now CYC!!"

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ohdrap4 1 year, 9 months ago

  1. god don't like ugly
  2. it has been known from the 60s there is no commercial oil.'

pity the investors.

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John 1 year, 9 months ago

Someone done t’ief da oil. Well by grabs.

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DDK 1 year, 9 months ago

Good. Now get the flock out of our waters and don't come back!!

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ThisIsOurs 1 year, 9 months ago

how did this go from millions of barrels to shut everything down and leave town? This seems very very odd. At least we long longer have to suffer the everybody getting rich nonsense

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JokeyJack 1 year, 9 months ago

Don't you believe that. They will be out there drilling and carting away our oil just like the aragonite ships are doing all the time. The official word is those aragonite ships don't exist. So now the oil drilling ship won't exist either. Ok, great. Of course the Defense Force can't go down there and ensure they are not there drilling, just like they can't go to the aragonite ships.
Just read the newspapers and believe they are all gone. All is safe now - LOL. Go back to the dominos game.

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TalRussell 1 year, 9 months ago

I just tried to check on how the stock market reacted to the sludge drillers stock but the BISX website says it is unavailable because it's in Maintenance Mode and will be available soon but they did, Thank me for me patience!
Thankfully, I invested me grandchild's university money in hoarding even more rolls of Grocer Rupert's toilet papers. Shakehead a once Upyeahvote, you just couldn't write this, Twice for Not?

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jus2cents 1 year, 9 months ago

All Potter sold was Snake Oil, & bullshit, just another smooth talking Brit who played our political puppets.

And I don't pity any investors ondrap4, anyone who invested in this travesty, in pillaging and potentially ruining the waters of The Bahamas is scum, and they deserve to lose their blood money, it's a gamble after all, and they should know that.

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concerned799 1 year, 9 months ago

2021 is already going so much better.

I hope everyone realizes the only political or legal barrier there was to the Bahamas drilling oil was the lack of any commercial sized deposit that would lead to a profitable venture. So that is how useful the institutions of the Bahamas are on this type of an environmental issue.

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realitycheck242 1 year, 9 months ago

It The words of a banker "its a penny stock play ...and like a Brit would say ..."There aint no Earl"

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Voltaire 1 year, 9 months ago

Where are Bahama7 and ColumbusPillow?? Did BPC revoke their propaganda contract for lack of funds? Lol. Goodbye and good riddance. This company, and anyone associated with it, will never ever drill for oil in the Bahamas again

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K4C 1 year, 9 months ago

Can't understand the ecstasy so many are displaying, so many are anti oil as they drive travel and air condition their homes have cell phones etc all from OIL

Best the Bahamas HOPE by 2025 tourism returns

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moncurcool 1 year, 9 months ago

I agree. Can't understand it. Amazing though that no environmentalist or non of the anti oil people are coming to the table with any projects to employ Bahamians.

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K4C 1 year, 9 months ago

That golden goose called tourism is possibly 2 years way from 2019 numbers, many a business will never reopen and many more will fail, not just in the Bahamas but here in Canada when I am

BTW we have a Oil and Gas industry not being decimated by the savior Biden

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ThisIsOurs 1 year, 9 months ago

You call it anit-oil, I call it pro-everything The Bahamas stands for and that could never be "oil drilling industry". You gat to know what you stand for

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K4C 1 year, 9 months ago

You better hope you are not left out STANDING alone and hungry

You gat to know that !

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ThisIsOurs 1 year, 9 months ago

Many of us could end up on the bread line if our leaders continue on this disastrous foreign is better path. It's kept us non innovative and needy for decades

There are no commercial quantities of oil. Potter got a bunch of investors to send funds year after year. and now there's nothing.

Rejoicing/not rejoicing makes no difference. It's. Not. There. Zilch. Nada. Nothing. It was a pipe dream. Now what do we do? We start using our minds, the thing that once renewed is guaranteed to transform us. The good thing about this failure if there is any is as I implied before, success would have taken us away from our core raison d'etre.

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tribanon 1 year, 9 months ago

What The Tribune has failed to report is that BPC plans on drilling in many other places in the Bahamas. Apparently the corrupt principals behind BPC's finely tuned Ponzi scheme have every intention of greatly increasing their own personal wealth by continuing to fleece very gullible and foolish investors who are all too easily parted from their money.

And to think Minnis is not the least bit concerned that the corrupt operators of this Ponzi scheme are using an enterprise that bears our country's name. The grave reputational risks for the Bahamas loom large. Our corrupt politicians and legislators are going to rue the day they so foolishly added an air of legitimacy to all of the wrong doing going on here. So will the PriceWaterHouse & Coopers accountants who are the auditors of BPC.

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TalRussell 1 year, 9 months ago

Bahamas Petroleum Corporation (BPC) has always included in their sales pitch to potential investors about the acreages of well-drilling landscape, licensed by Mr. Minni's government.
But there is always pitch about drilling in Trinidad and Tobago and Suriname, targeting exit production of c.2,500 bopd and prospect maturation in Uruguay.

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Bonefishpete 1 year, 9 months ago

I told you so. I suspect the Seven Sisters scoured the Bahamas in the 50's looking for oil. Would of been wells there long ago if it had profitable oil.

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Bahama7 1 year, 9 months ago

Voly - your a fine one to talk about going missing! I have been reading this paper longer than you and you went AWOL for the past two months.

Yes, no commercial oil but they may now sell the licenses to a super major with deep pockets.

They will find oil as it’s out there, just like the Gulf of Mexico.

The licenses are valid and I can see many wells drilled going forward.

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ThisIsOurs 1 year, 9 months ago

lol. they'll sell the licenses. Nice work if you can get it.

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Voltaire 1 year, 9 months ago

Britain/Australia7 - I missed you! So this is the new line you’ve been instructed to sell to your shareholders? Who is going to buy those licenses? In the face of mounting local disgust, International disgust, and with litigation hanging over your head that I cannot see for the life of me how you will now pay for, as you owe Lombard, how much? No one will touch this with a 10 foot stick. Tell you what bro, I’ll give you five dollars for the licenses just so I can have them voluntarily canceled myself. Bye-bye. You will never drill in the Bahamas again.

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