History of oil in Bahamas26 Apr 2019 10:23
By late 1986, Tenneco had decided to spud the Doubloon Saxon #1 well; the deepest test drilled in The Bahamas to date and located within the current day Donaldson licence area. The well was successfully drilled to 21,740 feet, T.D’ing in the early Cretaceous above the regional Jurassic source rock intervals. The well encountered a number of live oil shows over a thick interval but did not report commercial quantities of hydrocarbons. Through the Cretaceous, and especially below the Aptian level, sequences of carbonates, fractured dolomites and anhydrites were encountered in multiple potential, reservoir sequences. These units, with around 20 in number where log quality allowed evaluation,, represented repeating units generally over 200' thick. The well was drilled using a shallower water jack-up rig. Our reexamination of the targeted structure has concluded that whilst a successful drilling operation was conducted the well did not target a valid trap.
Following this significant exploratory test, licence interests remained with Tenneco and Shell (Shell having acquired Arco’s position). Subsequently additional post-drilling seismic surveys were performed by Tenneco and Shell during 1986 and 1987 but all licences were allowed to expire in 1988 so as to avoid incurring a significant work obligation for 1989 of $250m, and due to the then prevailing low oil prices (<$20/bbl).
Overall, the well results indicate the presence of a active petroleum systems, based on the presence, especially in the pre-mid Cretaceous sections, of oil shows of varying quality, abundant reservoirs and seals, indications of source rocks, and hydrocarbon saturations from log interpretation. Carbonates, the major component rocks of this region, globally contain 60% of the world’s oil but are not often encountered by nor best understood by many of todays major and independent oil companies. So now, into the modern era of new 3D technologies, deeper water drilling equipment becoming commonplace, escalating oil prices and sustained demand, Bahamas Petroleum Company has the opportunity to complete the exploration of this exciting potential hydrocarbon province.
Source: http://bahamaspress.com/2014/04/03/the-bahamas-not-only-has-oil-it-sits-on-the-worlds-greatest-treasure-17-billion-barrels-were-discovered-in-1986/
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