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There is a section at the end of the Perservence Environmental Management Plan 9Feb20 document (pages 2597-2630) that studies the attitude and awareness of the bahamian people towards the oil industry, BPC, trust in the government, incomes etc that make for facinating reading. A few examples:
1) between 53-62% give possible environmental damage as the biggest reason for NOT supporting the oil industry, whilst 0-4% cite climate change as their biggest concern.
2) over 60% of all respondents indicated they are likely to support oil drilling, knowing the the company that owns the exploration license is committed to sharing profits with the bahamian people.
3)Only 16-33% agree with the percentage of 15%-25% of revenue, whilst 63%-77% disagree.
4) The number one use of the oil revenues should be education, according to 42%-58% of respondents, followed by Improving infrastructure and improving healthcare. Subsidising electricity/cut down utility cost came flat last at 0%-1%
5) When asked how the government should use the oil revenues, "The environment/ Reserve the natural" came flat last, with only 1% of all age categories citing that option and "Help the economy/Development" was their most favoured option.
6) only 22%-40% of people trust, or somewhat trust the government to properly manage oil revenues.
I can't find a link for the document online. Maybe someone can add that?
Darville: NGOs blindsided by oil drilling approval
In a lengthy affidavit in support of a bid by environmental interests to stop the Bahamas Petroleum Company’s (BPC) exploratory drilling set to take place 90 miles off Andros this month, Executive Chairman of the Coalition to Protect Clifton Bay Joseph Darville paints a picture of stakeholders being kept in the dark as the government quietly granted approvals to BPL.
A key ground of the legal action filed this week by Waterkeeper Bahamas Ltd. and the Coalition to Protect Clifton Bay (Save The Bays) against the government is what they described as a lack of consultation, notwithstanding the fact that the groups were invited to a meeting with Environment Minister Romauld Ferreira in 2018.
Darville says that three weeks after the BPC application for environmental authorization and its environmental impact assessment (EIA) and environmental management plan (EMP) were submitted (which was not known to interested environmental groups at the time) a large number of environmental NGOs were invited to a meeting with Environment Minister Romauld Ferreira, which took place at the minister’s offices on May 17, 2018
The purpose of the meeting, he says, was to discuss the government’s position on the future of oil drilling in The Bahamas.
Prior to the meeting, Darville says, the NGOs had been surprised with comments made in a press statement by BPC CEO Simon Potter, who said, “The submission of an application for environmental authorization is an important milestone for BPC, as we move toward offshore field activity and operations in The Bahamas…”
Darville states, “At the meeting the minister questioned each person and organization about their views with respect to oil drilling in The Bahamas. We all objected to it and said it was something that should never be done in our waters.
“The same question was then put to the minister by myself and others. He said he did not have an opinion but that as far as the Cabinet of The Bahamas is concerned, there would ‘never’ be a permission given for offshore drilling for oil in The Bahamas.
“At this, there erupted a big explosion of applause and congratulations and we all went our way comfortable and joyful.”
Darville says, “There was no communication from the minister at that meeting that they were on track to approve oil drilling, that there were new proposals or extensions of existing proposals being considered by government, or that we had any reason to be concerned.
“We came away from the meeting with the very clear impression that there was no immediate threat of oil drilling in Bahamian waters and at least not during the Minnis administration.”
Darville says, “I now know, but I was unaware at the time, that on January 31, 2020, BPC announced a roadmap to drilling the Perseverance #1 well in 2020.”
- It goes on from there, but I appear to have arrived at the word limit.
All I am saying there was a stock that jumped 2400% yesterday in the US markets.
And yes that is correct, +2400%
And yes I know before you all destroy me, just bored about talking about silly JR etc
Good shout for this and interesting to see everyone’s thoughts so please jump on.
4.5p
22p
1p
1.5p
Good ask Bob.....................!
when the oil is proved in commercial quantities, the SP will be in the double figures...........!
Holders have been banging on about the spud SP increase, but take you view, and times that by x10.............!
All the best (2nd drill, probs not be BPC....... more like a major buy, T&T left with suriname..............! hold some for some of that...........:)
Rp11ace - I think everyone one of those is a really good shout.
Thanks Chesh,
So looking at past RNS the plan is to drill a secondary test drill in April ish 2021? With production set to commence when?
No problem ice max can hide behind the tankers
My Irene is ok...................!
just doin double shifts on the streets................ :)
All the best (social distancing an all that.......... :()
If you grasp that "nettle" with confidence................!
you won't be stung.............. :()
All the best (never tried a bag full mind............. ! :)
Just read CoMan's second post it's hilarious
how long is a piece of string
the proof is in the pudding
its a bag of nettles
you never know where it is ,till you find it
anymore serious questions
to get the bb talking
Some of you guys require to read CoMan's history on here and get an education before you post rubbish
https://www.lse.co.uk/profiles/coman/
Thanks
5p
18p
1.5p
2.1p
If you missed it respected Lse poster CoMan who has years of practical experience through supervising numerous well tests offshore his reply to the question of why Freeport?
I think the 22nd to 24th is realistic for spud. It makes no sense to leave Freeport until all the equipment they need for the top 2 sections of the well are on the rig - ie jetting 36" conductor, and then drilling 26" hole and running and cementing 20" casing. That way they can carry on with spud preparations while sailing to the location, they can't offload boats while they are positioning the rig on the well location so best to get kit on in Freeport.
Most likely the 15th will be an inefficient day as all the contractor personnel they need for drilling (Halliburton, Baker etc) will be joining the rig and going through their safety inductions so they'll probably need another 3 days in Freeport to get everything offloaded and all the bulk materials on that they need. They don't gain anything by leaving early anyway as they have to rig up the mud logging unit and MWD/LWD unit, it's probably a day and half sail to location and a further day and half to deploy transponders and position the rig. They can be running conductor with the jetting assembly while they position the rig so as soon as the rig is positioned they should be pretty much ready to spud by jetting in the conductor. Think that would be around the 22nd or 23rd if everything goes ok.
so thanks to CoMan
What will the share price be when drilling commences ?
What will it be if oil is struck
What will it be if no oil is found
What will the share price be if the court stops the drilling .
Thanks! Looking forward to it!
I wish schroders is sold out soon...it’s for a year they have depressing the share
Bob..................!
the Bahamian peeps win.............. :)
All the best (from a political POV........ :()
As bully said , most likely Schroeder's , they been offloading for the last three years now , first in CERP now continuing here in BPC, there are many others offloading too , prob some ex CERP management in there too derisking in their opinion .
Lots of other large holders some buying some offloading , some very heavy invested PIs too probably offloading. Again though, plenty buying in and had a top up myself as well as very low prices here now .
Lot of history there, no promotion of non spills mind.............!
and tech has move on.......... we safe............. :()
All the best (even plugging oil that's currently seeping into the beautiful blue ocean..................... :()
Hi all,
Assuming that commercial oil is found then what are the next steps for BPC and timelines?
Thanks in advance.
I like DSV2....... rec'd.......... :()
Fuelled 'n supplied in good order at Las Palmas, whilst pointing and laughing at the RW......... :()
All the best (nice one...........! :()