Bahamas Petroleum Company drilling rig.
Chester Robards
The Nassau Guardian
The Bahamas stands to accrue revenues of $5 billion or more should Bahamas Petroleum Company (BPC) strike oil at its Perseverance #1 drill site, the company said.
“In a successful development scenario of approximately 0.7 billion barrels (i.e. of the P50 resource level at Perseverance #1 only), and assuming a real US$40 oil price, the project remains robustly economic with an NPV10 exceeding US$2.5 billion,” BPC said in a statement.
“In such a scenario, even at these relatively modest oil prices, an aggregate revenue stream of over US$5 billion would flow to the government of The Bahamas in royalty income and other payments over the life of the project.”
BPC is confident that its first site, Perseverance #1, could hold between 0.7 billion and 1.4 billion barrels of oil. Read more >>