Licences

Bahamas Petroleum Company awarded licences

 

Under the terms of Bahamas Petroleum Company's granted licences the Governor General grants the licence holders, Bahamas Offshore Petroleum (BOP) and Island Offshore Petroleum (IOP), 100% subsidiaries of Bahamas Petroleum Company, the sole right to undertake exploration in its licence areas subject to conditions set out in the licences and Bahamian legislation and regulations. The licences were originally granted for 12 years from April 2007, divided in to 4, equal 3-year periods. However the first 3-year period was extended for an additional 2 years at the request of the Government to run to April 2012. The requirements for the first term, which concluded 26th April 2012, were all considerably exceeded. Subsequently, in 2013, the second term of each of the licences was extended to 2016, with an obligation to commence drilling of the first exploration well by April 2015, with a further requirement to commence a second exploration well by April 2017.

Exploration licence: 12 years in total based on 3-year renewal periods

  • Initial 3 year award
  • 1st Renewal (years 4-6) @100% of acreage - renewal requires commitment to spud well before end of year 4 and a subsequent well drilled within a further 2 years
  • 2nd Renewal (years 7-9) @ 50% - requires well drilled every 2 years
  • 3rd Renewal (years 10-12) @ 50% - requires well drilled every 2 years 

 

Production licence - 30 years plus additional 10 years (subject to approval of extension)

Exploration Licences and Applications

New licence Area Map



Asset*

Holder Interest Status Date of Next Renewal Licence Area
The Bahamas - Bain Licence (offshore) Bahamas Petroleum Company plc 100% Exploration 8 June 2018 775,468 acres 3,138km²
The Bahamas - Cooper Licence (offshore) Bahamas Petroleum Company plc 100% Exploration 8 June 2018 777,934 acres 3,148km²
The Bahamas - Donaldson Licence (offshore) Bahamas Petroleum Company plc 100% Exploration 8 June 2018 778,855 acres 3,152km²
The Bahamas - Eneas Licence (offshore) Bahamas Petroleum Company plc 100% Exploration 8 June 2018 780,316 acres 3,158km²
The Bahamas - Miami Licence (offshore) Bahamas Petroleum Company plc 100% Exploration TBD 760,973 acres 3,080km²

* Interest for all licences: 100%

Renewal: At grant on 26 April 2007 licences issued for 12 years with renewal each new three-year period, first three-year period granted a two-year extension.  Second three-year period will be extended to allow the safe and timely design and execution of the Group's exploration drilling programme.

Application** Holder Licence Area
The Bahamas - Islamorada Licence(offshore) Bahamas Petroleum Company plc 777,900 acres 3,148km²
The Bahamas - Zapata Licence (offshore) Bahamas Petroleum Company plc 776,200 acres 3,141km²
The Bahamas - Falcones Licence (offshore) Bahamas Petroleum Company plc 774,600 acres 3,135km²
The Bahamas - Santaren Licence(offshore) Bahamas Petroleum Company plc 760,100 acres 3,076km²
The Bahamas - Andros Licence (offshore) Bahamas Petroleum Company plc 774,500 acres 3,134km²

** Applications with 100% working interest.