The Bahamas Petroleum Company (BPC) has announced that it has entered into a definitive contract with Stena Drilling for provision of a drilling rig as soon as Q4 2020.
According to BPC, the company expects a significantly reduced cost estimate for its first exploration well in the Bahamas.
The contract with Stena Drilling includes the provision of a state of the art, sixth generation drilling rig, including integrated supply of a Managed Pressure Drilling (MPD) unit.
BPC said that the rig contract entered into with Stena replaces the previous contract for a drilling rig that the Company anticipated entering into with Seadrill Limited, and provides for improved terms (notably, an all-in rig cost, including managed pressure drilling system, lower than that previously anticipated). The rig to be provided by Stena is of an equivalent or higher specification to that which would have been provided by Seadrill, and thus the Company's existing drilling plan and Environmental Authorisation will, subject to some rig-specific updating, continue to be applicable for Perseverance #1 drilling operations.
Stena must provide the rig on location to commence drilling within a firm time window of 15 December 2020 to 1 February 2021.
BPC did not confirm which vessel would be used, however it said it would be one of the following: Stena IceMax, Stena Forth, or Stena DrillMax (or, subject to agreement, any other suitable Stena vessel).
Photo: Stena Carron