Statoil exits Bahamas joint venture

Offshore staff

DOUGLAS, UK – Statoil plans to exit its joint license development agreement with Bahamas Petroleum, which has been in place since May 2009.

The accord covered three license applications offshore the Bahamas − Zapata, Falcones and Islamorada − all of which will revert solely into Bahamas Petroleum’s name. Chevron/Gulf drilled a well with oil shows on the Zapata concession during the mid-1950s.

Recently the Bahamian government issued a mandate to proceed with exploration drilling within existing licenses.

Bahamas Petroleum expects to meet its obligation to drill a first exploration well on its southern licenses by April 2015, subject to securing financing via a farm-out.

The company adds that the southern licenses’ boundary has been adjusted to conform to the Bahamas - Cuban maritime median line.

01/20/2014

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...