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

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