BAHAMAS Petroleum Company (BPC) has confirmed that drilling of the Perseverance well has begun.
Work started on Sunday and is expected to take 45-60 days to complete.
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BPC is targeting 770 million barrels of oil from the field, offshore Bahamas, with an upside of 1.44 billion.
Aberdeen-headquartered Stena Drilling’s IceMAX drillship was nominated to drill the well.
Simon Potter, chief executive officer, said: “We are very pleased to announce that the drilling of Perseverance has commenced – the well has been spud.
“This is a momentous milestone for both BPC and the Bahamas and represents the culmination of more than 10 years work by a team who have remained steadfast in their belief in this project throughout – that it is finally taking place is a testament to the application, skill and professionalism of many people over those years.
“Our shareholders have been extremely patient, but we are now within a couple of months of understanding the scale of potential resource uplift that might be accessed within the licences: a potential uplift that is the traditional domain of the oil majors.”
