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Is The Caribbean Ready For An Oil Boom? By Felicity Bradstock - Feb 14, 2021, 12:00 PM CST
As Trinidad and Tobago continue to explore for major oil and gas fields in the Caribbean region, the Bahamas Petroleum Co. has made a non-commercial oil discovery.
While Trinidad and Tobago have focused on natural gas for the last two decades, the country’s oil industry has been developing steadily. In 2020, the country’s third-largest oil producer Trinity Exploration & Production increased production by 7 percent to 3,226 bpd. This figure is expected to reach around 4,000 bpd by 2023.
Trinity Exploration & Production’s executive chairman, Bruce Dingwall, explained of Trinidad’s oil industry, “[There is a] huge reserve base and not many players and I think you’ll see some structural change in Trinidad over the next few years”.
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BPC’s failed exercise
In a revelation that came as a relief to many and as a disappointment to others, Bahamas Petroleum Company (BPC) announced yesterday that its exploratory well, which it started drilling on December 20, 90 miles off the west coast of Andros, had failed to show the availability of oil in commercial quantities.
BPC said drilling has now ceased and the well will now be permanently plugged and abandoned.
BPC’s CEO Simon Potter attempted to put a positive face on the outcome.
He said, “I am proud to say that after many years of diligent effort, we did what we said we would do: BPC drilled the Perseverance #1 well safely and without incident, testing for the presence of hydrocarbons in the Southern Seas of The Bahamas. This was the very specific objective of the well not a scientific or geologic experiment, but to seek hydrocarbons in commercial quantities.”
Following the completion of drilling of its Perseverance #1 well in The Bahamas the company has announced that commercial volumes of oil have not been proven.