Wed | Nov 25, 2020

Petroleum company faces lawsuit from environmentalists

Published:Friday | November 20, 2020 | 12:15 AM

NASSAU (CMC):

The Bahamas Petroleum Company (BPC) on Wednesday said it has had its licence period extended to the end of June next year, even as a group of environmentalists warn of possible legal action within 14 days unless the company puts a halt to its oil exploration plans.

In a statement posted on its website, BPC, which says it is a Caribbean and Atlantic margin-focused oil and gas company, with exploration, production, appraisal and development assets across the region, noted that the government here had provided “further extension of the second exploration period of BPC’s licences, from mid-April 2021 to the end of June 2021, reflective of the ongoing impacts of the COVID-19 force majeure.

“Within BPC, the outcome of the Perseverance (number) One well is now set within the strategic context of a portfolio business, with production and cash flow-generating assets and a growing opportunity set of complementary assets across multiple jurisdictions,” the company said, adding that “Perseverance (Number) One is on track to spud before the end of 2020”.