Norwegian oil giant Statoil has given notice to quit a joint licence development agreement with Bahamas Petroleum.
The firm said it was leaving the JLDA, which has been in place since May 2009, as a result of significant exploration successes elsewhere and a review of its global portfolio.
As a result of the move, the three licence applications – Zapata, Falcones and Islamorada – will revert to Bahamas Petroleum.
The firm said Statoil’s exit provided it with the opportunity to offer a wider suite of options to prospective partners, as well as meeting the recent mandate from the Bahamas Government to proceed with exploration drilling within existing licences.
Bahamas Petroleum said it expected to meet the government’s mandate, subject to financing via a farm-out agreement, with an exploration well in the southern licences.
“We have been encouraged by progressing farm-out discussions and a newly clarified government mandate to proceed with exploration drilling,” said chief executive Simon Potter.
“The three licence applications lie adjacent to four of the company’s fully permitted southern licences and present on-trend upsides to parties already engaged in farm-in discussions.”
Recommended for you
