Oil explorer Bahamas Petroleum Company, which is working with Statoil in the region, says newly interpreted seismic data has confirmed the potential for ‘black gold’ under the sea.
Bahamas Petroleuma Company believes there could be as much as $12 billion in oil revenue underneath Bahamian waters waiting to be brought up, specifically in the Cay Sal Bank area.
The company estimates that an oil industry could create around 15,000 jobs for The Bahamas, and to that end teamed up with Norwegian oil giant Statoil, insisting their partner had created the highest safety standard in the world for drilling, one which every other exploration would soon be forced to follow in the wake of the Gulf of Mexico spill.
Now BPC has published a new report detailing 194 km of 2D seismic data in June which backs up the potential for hydrocarbons documented in previous seismic and geological studies.
