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Oil drilling in the Bahamas

Ron@.38 Special[email protected] Special Senior MemberPosts: 6,921 Admiral
For the last couple years, the Bahamas have let a few and now many oil drilling leases.

This week the government announced the start of drilling is planned for 2017.

Where are the prime leases, Cay Sal Bank, and a pretty strong one off Issac Light area.

Will be interesting to see how this goes, but we know the Bahamian Prime Minister has the environment of the Bahamas in his mind......NOT!

Remember no such thing as environmental laws in the Bahamas, so it will be up to the drilling and production companies to follow industry accepted standards.


Oh, and since I was the one posting this, Nuevo will probably move this to politics.......:banghead

(Thanks in advance Dave!)

http://www.caribbeannewsreview.com/index.php/caribbean1/business/88-oil-drilling-company-expects-to-start-work-in-bahamas-by-end-of-next-year

Replies

  • Blue ZoneBlue Zone Senior Member Port Lucaya, Bahamas/SarasotaPosts: 414 Officer
    Shouldn't be moved. I heard some test were done on Little Bahama Bank and came up empty. Haven't heard about Isaacs. Cay Sal has been bandied about for years, but I think the area with potential is at the Eastern end of Cal Sal in some sort of no-mans-land and continues to be a contentious issue with Cuba.

    Nassau is grasping at straws as they can't seem to figure out a viable tourist industry, forgetting about cruise ships where tourist spend a couple of hours ashore to buy a straw bag and a drink. Cuba, even without a full-blown American invasion of tourists is already far, far outstripping the Bahamas in overnight stays. Bahamas has one direct flight from Europe and Cuba has at least four, not counting charters. Strange that Havana can outsmart Nassau. It's only going to get worse, I am afraid.
  • saltyseniorsaltysenior Senior Member Posts: 868 Officer
    you can not blame them for trying this...
  • saltyseniorsaltysenior Senior Member Posts: 868 Officer
    also, i remember seeing from a plane in about 1970, patterns to the N.E. of Bimini left on the bottom from seismic testing..a lot of these results were put in a closet for possible use in the way off future , ala the everglades w/ the capped wells...however w/ the price of crude, the Bahamian Gov. picked a wrong time to get into the oil business..
  • SlipkidSlipkid Senior Member Palm Beach Gardens (when not in WI)Posts: 241 Officer
    however w/ the price of crude, the Bahamian Gov. picked a wrong time to get into the oil business..

    Shocking.
    2003 Viking 45C
  • Ron@.38 Special[email protected] Special Senior Member Posts: 6,921 Admiral
    http://www.thenassauguardian.com/news/57712

    They could make a lot more money if they kept up with their creditors!
  • nuevowavonuevowavo OT Administrator Posts: 6,883 Moderator
    Oh, and since I was the one posting this, Nuevo will probably move this to politics.......:banghead

    (Thanks in advance Dave!)

    No, Ron, the mere fact that you posted this has no bearing on its disposition.

    As for the topic, remember that it's Bahamas Petroleum Corp that's running this show. They are an under-capitalized penny-stock company, and they might run out of money before they drill the first exploratory well. Also, It's entirely possible that the sites will come up dry, as did the Repsol site off Cuba did a few years ago.
    Federales, bring my baby back to me!
  • thumperdumperthumperdumper Senior Member Posts: 374 Deckhand
    I am a geologist - and this should be interesting. I am willing to bet the bank they have has 500-750 million barrels if they suck it dry. Good luck hitting it though.
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