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Eleuthera Business Community Informed On BPC's Oil Activities in The Bahamas
Eleuthera Chamber of Commerce hosts the company's CEO and one of its Scientists -
(Eleuthera, Bahamas) -The Bahamas Petroleum Company, (AIM:BPC), a UK Company with offices in Nassau, is poised, after several years of research, to take advantage of five exploration licenses it has to drill oil wells in Bahamian waters - according to the company’s CEO, Simon Potter.
Potter, who took the helm of BPC in October of 2011, was in Eleuthera in mid-February, as guest of the Eleuthera Chamber of Commerce. Accompanying the executive was his environmental Scientist, Roberta Quant.
CEO, Simon Potter, CEO of Bahamas Petroleum Company, UK based, with Nassau offices, explained what he saw as the potential benefits of his company's oil exploration efforts ongoing in the Southern Bahamas. Commenting on their research data in a January Press Conference, Potter said, “We are very pleased with the quality of the CGG BroadSeis data, the reinforcement of the conclusions from the 2D data and the new, initial interpretations we are able to make. The ongoing technical studies and well planning activities represent the final phase of de-risking prior to being ready to commence drilling by March 2013 as the terms of our exploration licence oblige us to do."
Chamber President, Thomas Sands welcomed businesspersons and entrepreneurs to the organization’s ‘Mix and Mingle’ event at the Sunset Inn Restaurant on Thursday, February 16,th - their second event of 2012. The BPC team were special guests invited to educate on their operations as the only company present in the Bahamas now actively researching the presence of oil fields beneath the country’s sea bed. The audience also included political candidates for North and Central and South Eleuthera.
BPC via press release in January 2012 announced the completion of the initial processing of its Pearl 3D seismic survey. “Data quality is excellent and data volumes have been received in both time and depth. Detailed interpretation is now underway and will form the basis for well location selection, well design and planning” the company said.
Exploration Areas - BPC’s five license areas are highlighted in read in the Chart, shown at the Chamber event in Governor’s Harbour)
Potter described for his Eleuthera audience, the areas where testing had been performed, their current activities, past investment and future goals and aspirations in the country. Four of BPC’s five licenses border Cuba along the Maritime boundaries, made official in October of 2011. A fifth is in waters southwest of Grand Bahama.
The evening event, scheduled for 6pm to 8pm, ran later than planned, due to the robust audience participation in questioning Potter and Quant throughout the presentation. Potter, who fielded many of the evening’s questions, shared that the event’s objective was to educate, and that he thought the evening was an excellent one.
Audience members’ questions focused primarily on safety concerns, supportive environmental legislation surrounding exploration for and production of oil, international regulatory system models and hypothetical future management of potential government income were substantial oil reserves to be found.
Highlighting the positive aspect of his operations, Potter, stated that their “oil spill” modelling shows ‘Mother Nature is taking care of the Bahamas’. Additionally he pointed out differences in the geological make-up of the Bahamian sea bed compared to the Gulf of Mexico that he says would make a “Mocondo” type oil spill (also widely known as the BP oil spill) very unlikely.
If drilling is successful over the next two years, the executive said, the prospects indicate the potential for billions of barrels of oil, a development which could transform the Bahamian economic base.
Earlier on Thursday, Potter and Quant visited two schools, making educational presentations on energy, including renewable and non-renewable sources, and on their exploration activities. They began early in Rock Sound at the Preston Albury High School at 9:15am, moving on to the Central Eleuthera High School at 12:15pm – speaking to selected groups of students from grades 9 to 12.
President Sands, before wrapping up the evening session, hinted at the Chamber’s next event (date to be announced), which he promised would once again be a stimulating and educational discussion that would benefit the entire Eleuthera public.