Bahamas Petroleum Company, in Survey, Finds Supergiant Structures

By

By the Caribbean Journal staff

The Bahamas Petroleum Company, which has offshore license permits in the Bahamas, said it had found structures similar to the so-called supergiant structures of the Gulf of Mexico and the Middle East. “What is most exciting is the scale and size of the structures we have been able to map and the value creation potential to the shareholder as we approach our first drilling campaign,” said CEO Paul Crevello in a statement. According to Crevello, the size of the prospects range from 10 to 75 km and 6,000 to over 120,000 acres. The company expects to begin drilling in 2012. Offshore drilling has been a significant subject of late in the Caribbean, with BHP Billiton announcing it would enter the region to drill for natural gas off the coast of Trinidad. Cuba has also entered the area, with its intentions significant enough that Cuba and the Bahamas recently agreed on their maritime border.