Bahamas Petroleum Company Plc (BPC) is ready to move ahead with drilling their exploration well, says COO, Mr. Paul Gucwa. The oil company executive was in Eleuthera on January 17th as a guest speaker at the Eleuthera Chamber of Commerce mix and mingle at Sunset Inn in Governor’s Harbour.
In an interview during the event the COO explained that extensive tests and studies to the tune of $50 million dollars are complete and they are ready to move ahead with drilling their exploration well.
“We have progressed our work since the last time we were here,” he said referring to his earlier update to Eleuthera in February 2012.
“There are important things we have done relative to being prepared to drill the well and make sure that the systems and the protocols are in place to protect the environment,” he added.
About their timeline, Mr Gucwa commented, “The Prime Minister indicated during the election that he would hold a referendum before drilling occurred. Lately, he’s opened the door a bit by saying that he wants to have a referendum before there is any ‘production of oil and gas’ – so that raises the question of whether or not they will allow for exploration drilling to occur to find out whether there is any oil there before the referendum.”
”Once we get the green light, and I’m confident that we will get the green light when the people vote, then it will take us a year to get the equipment in place to begin to drill. So if the referendum were to happen tomorrow, it would be 2014. If it happens in June or April of this year then it would probably be 2015, because we wouldn’t want to be drilling during hurricane season.”
Mr. Gucwa accompanied by, company Business Manager, Ashli Munnings, in his presentation to the room, gave an overview of the company and a brief introduction to the geology and exploration potential of the BPC southern license areas, as well as the exploration and production life cycle. He also walked the audience through BPC’s plan for protecting the Bahamas’ pristine environment.
