A court ruling has allowed Bahamas Petroleum Company (BPC) to continue drilling at the Perseverance-1 exploration well offshore Bahamas.
The company has been drilling the well since 20 December 2020.
In a recent court hearing, Justice Petra Hanna-Weekes in The Bahamas refused to grant any orders that would affect the company’s drilling of Perseverance #1well.
In December 2020, environmental activists raised concerns with a Bahamas court over Bahamas Petroleum’s plan to drill the Perseverance #1 well.
Bahamas Petroleum Company CEO Simon Potter said that the court decision is a very positive outcome for the completion of the Perseverance #1 well.
Potter noted that the drilling of Perseverance #1 will continue in accordance with the company’s licences obligations, and consistent with the permits issued by the Government of The Bahamas to the company.
On 14 January 2021, a hearing will be held to determine if BPC should be formally added as a party to the action.
Potter added: “Those drilling operations, which have been underway since 20 December 2020, have the well on track to provide results within the 45 – 60 days period the Company has consistently advised.
“It is thus clear now that the applicants have failed in their last-minute attempt to interrupt the drilling of Perseverance #1 and the Government’s legitimate assessment of hydrocarbon resource potential in its southern seas.”
In November last year, BPC has raised the cost estimates for the drilling operations at the Perseverance #1 well.
As per the estimates, the Perseverance #1 location has prospective recoverable oil resource of 767 million barrels, with an upside of 1.444 billion barrels.
