Business
The Bahamas looking to start drilling for oil in 2013
Research fellow at the Center for International Energy and Environmental Policy at the University of Texas, Jorge Pinon, called Transocean, and by extension ADTI, “a quality outfit with a high level of experience and expertise”.
He said Repsol’s failure to strike oil off the northern coast of Cuba was unfortunate. But he emphasized that this setback has nothing to do with prospects in The Bahamas.
“The fact Repsol came out dry is not an indication you also don’t have other opportunities in Cuba or The Bahamas. So no, the fact it failed does not mean The Bahamas is not a geologically attractive area,” said Pinon, who is also the former president of Amoco Oil in Mexico and Latin America.
The comments echo similar assurances made by Simon Potter this week, the CEO of BPC.
Potter said BPC’s target represents an “entirely different structure”. According to the company’s 2012 annual report, also released this week, 3D seismic surveys have yielded very positive results.
It found that the basement is deeper than previously mapped, implying a thicker source rock.
An event that could more accurately predict the fortunes of BPC is another well being spearheaded by Zarubezhneft, a Russian operator in Cuba, immediately adjacent to BPC’s “southern blocks”.
