Statoil exits Bahamas joint venture
Statoil plans to exit its joint license development agreement with Bahamas Petroleum, which has been in place since May 2009.
The accord covered three license applicationsoffshore the Bahamas − Zapata, Falcones and Islamorada − all of which will revert solely into Bahamas Petroleum’s name. Chevron/Gulf drilled a well with oil shows on the Zapata concession during the mid-1950s.
Recently theBahamian government issued a mandate to proceed with exploration drilling within existing licenses.
Bahamas Petroleum expects to meet its obligation to drill a first exploration well on its southern licenses by April 2015, subject to securing financing via a farm-out.
The company adds that the southern licenses’ boundary has been adjusted to conform to the Bahamas - Cuban maritime median line.