The Bahamian and Cuban governments on Oct. 3 signed an agreement delimiting the two nations’ maritime borders after nearly 40 years of negotiations. The move cleared a major obstacle in the way of the Bahamas’ oil exploration goals since leases identified for their potential oil finds are near Cuban waters.
“Without the agreed border between the Bahamas and Cuba, there would be some uncertainty as to who actually owned the licenses,” Paul Gucwa, chief operating officer of the Bahamas Petroleum Co., told The Reporter in an email.
BPC is looking to partner with a major oil company to explore one of its four wells southwest of the Bahamas’ Andros Island. This would place yet another major drilling operation less than 200 miles from Florida’s coast.
