NASSAU, The Bahamas – Bahamas Petroleum Co. (BPC) has contracted Stena Drilling to provide a drilling rig for the Perseverance #1 exploration well offshore The Bahamas.
BPC had to shelve its original plan to drill the well by mid-year due to COVID-19 restrictions.
Under the contract terms, Stena could provide a sixth-generation rig, including a managed pressure drilling (MPD) unit, during the fall, at an estimated cost of $21-$25 million.
According to BPC, the firm window for commencement of drilling now runs from Dec. 15, 2020 to Feb. 1, 2021, consistent with the company’s license obligations.
BPC has also managed to lower the total cost of the well by around 15% based on the contracted rig rate and rates for other contracted services and equipment, due to recent changes in the global operating environment.
Perseverance #1 will target 770 MMbbl of recoverable oil resources, with potential upside of 1.44 Bbbl. Drilling is expected to last between 30 and 45 days.
The rig deal replaces the previous contract for a rig that BPC had provisionally agreed with Seadrill.