The Bahamas, long-time playground of the rich, fictional British spy James Bond and home to a growing number of corporate tax exiles, may harbour significant oil and gas reserves.
Preliminary onboard processing of the recently-completed 2D seismic survey in southern Bahamas’ waters, shows numerous structures with four-way dip closure significantly larger than previously expected.
The world “exceptional” has been used to describe these structures.
Bahamas Petroleum, which holds the licences for the blocks covered by the 2D shoot, has said that detailed processing will take about two months, and will verify the preliminary interpretations and give further in-depth analysis, but that the initial data looks encouraging.
The company said a 3D seismic survey was being considered, with a number of suitable vessels potentially available on short notice.
Bahama Petroleum has indicated that the presence of a potential Middle Jurassic salt layer may point to a further subsalt play in the area.
It said that both the June 2010 and January 2011 data provide evidence of giant sized structures in the southern licences held by the company’s subsidiary, Bahamas Offshore Petroleum.
These are thought to be capable of holding several hundred million barrels of oil, and provide the first structure maps documenting the size and extent of closure of these features, based on 1,120km of seismic data.
However, the results are preliminary and the full processing of the 2011 2D seismic data is not due for completion until late next month.
It will form the basis for detailed structural interpretation and prospect evaluation.
Besides the seismic data, gravity and magnetics data was acquired and is currently being processed.
Bahamas Petroleum non-executive chairman Alan Burns said of the findings: “These structures are exceptional in the size and extent of the four-way closure.
“Indeed I am not aware of any anticlines of this size in the Gulf of Mexico-Caribbean region.
“We look forward to testing these structures with the drillbit to determine if hydrocarbons are present.
“Bahamas Petroleum intends to stay on course to drill a well within the next 12 months, once appropriate drilling and environmental regulations are in place in the Commonwealth of The Bahamas.”