By admin ~ June 1st, 2013. Filed under: Bahamas Update.
In early March the Bahamian Government reversed its policy and agreed to allow exploratory drilling for oil in Bahamian waters. The Bahamas Petroleum Company (BPC) currently holds five permits for drilling in locations primarily in the southwest part of The Bahamas in the Old Bahama Channel, five miles north of the Cuba-Bahamas marine border. BPC has raised $75 million in capital to begin the exploratory drilling and has completed an extensive review of existing geologic data provided by exploration that took place between 1946 and 1987.