Several applications have been made for offshore oil exploration in the Bahamas, but in some cases clarification is needed about the location of maritime boundaries, particularly those with Cuba.
Determination on some of the new applications for oil exploration licenses potentially worth billions of dollars, remain tied to negotiations with neighboring countries — including Cuba — over maritime boundaries, The Nassau Guardian has learned.
Last Friday, the government gazetted applications submitted by two petroleum groups seeking to explore parts of the northern and southern Bahamas.
Some $12 billion in revenue could be waiting to be discovered, with the potential to create thousands of jobs.
Dr. Paul Crevello, chief operating officer of BPC, told Guardian Business the signs that oil could be there waiting to be brought up are exciting.
BPC is a public company listed on the London-based Alternative Investment Market (AIM).
Crevello said: “There is a faultline where the Cuban and North American plates have collided and this has created an undersea mountain range set in about 2,000 feet of deep water. On the Cuban side of Cay Sal Bank, oil companies are already operating and some 60,000 barrels of oil a day are being processed. That is creating a lot of revenue in Cuba and we believe that exciting potential exists for The Bahamas.”
Read the complete article, from the Nassau Guardian. See also this previous Green Antilles post about the Cuban oil rush.
[Photo: morten gade]