NASSAU, Bahamas – Bahamas Petroleum Company (BPC) may be closer to finding a farm-in partner for the exploration of oil within The Bahamas after it announced yesterday (May 4) that it has entered into a “confidentiality and exclusivity agreement with a major international oil company to conclude a detailed technical evaluation of the company’s licenses,” the Nassau Guardian reported on May 5.
BPC added in its announcement, published on its website, that it will seek to “develop a commercial framework for a potential transaction” with the international oil company, which it said will remain anonymous based on its agreements.
Chief Executive Officer of BPC Simon Potter said this step brings the company closer to realizing a partner that allows an exploratory oil well to be drilled.
“The decision to enter into an exclusivity agreement with a reputable international industry operator is a significant step in our ongoing process to secure a partner for our highly prospective assets in The Bahamas,” Potter said. “We look forward to working closely with the counterparty over the coming months, and we will update the market of any material developments as and when appropriate.”
