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. In 2015 the four southern commercially conjoined licences held by BOP were renewed for a second three year period, with the requirement to commence an exploration well by April 2017.  Subsequently, on 17 March 2017 the Government of The Bahamas announced an extension to the BOP licences and attendant obligations for a period of 12 months with the resultant well commencement date falling in April 2018.  Discussions with the Government regarding the renewal and extension of the IOP licence remain ongoing.

Exploration licence: 12 years in total based on 3-year renewal periods as estended per the above.

  • 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 2019 775,468 acres 3,138km²
The Bahamas - Cooper Licence (offshore) Bahamas Petroleum Company plc 100% Exploration 8 June 2019 777,934 acres 3,148km²
The Bahamas - Donaldson Licence (offshore) Bahamas Petroleum Company plc 100% Exploration 8 June 2019 778,855 acres 3,152km²
The Bahamas - Eneas Licence (offshore) Bahamas Petroleum Company plc 100% Exploration 8 June 2019 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 commenced on 8 June 2015 with 12 month extension granted on 17 March 2017 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 - Andros Licence (offshore) Bahamas Petroleum Company plc 774,500 acres 3,134km²

** Applications with 100% working interest.