ISLE OF MAN, UK – Bahamas Petroleum Co. (BPC) has entered an agreement and appointed contractors for its first commitment exploration well offshore the Bahamas.
Seadrill, under a framework agreement, will provide a sixth-generation drilling rig for the program which is due to start in the first half of 2020. If BPC secures further funding, the arrangement could be extended to a second well.
The two companies will now start preparatory work and will seek to complete permitting processes ahead of drilling.
Following the receipt of various proposals, BPC has appointed Halliburton, as integrated well services provider, with Baker Hughes GE to supply well-related equipment, including wellheads and tubulars.
Notices of Award have gone out to both companies.
At the same time, BPC continues farm-in discussions with various parties to the license, which the government of the Bahamas has agreed to extend until the end of 2020.
The company now assesses the cost of the initial well in the $25-$30 million range, way less than prior estimates of $60-$80 million.