EXPLORING SAFELY AND RESPONSIBLY: SAFEGUARDING THE ENVIRONMENT ROBERTA QUANT SIMON POTTER ENVIRONMENTAL SCIENTIST CHIEF EXECUTIVE OFFICER June 2013: Friends of the Environment
Oil Exploration Mitigation of Major Associated Risks Potential Benefits of Successful Oil Exploration Summary
Exploration: Where Are We Looking Anticipated BPC location Concept born: 2005 Commenced December Prospectivity Previously drilled wells Technology Oil Prices and Costs Fiscal and Legislative stability Licences to explore: 2007…
What We Do: The Basic Exploration Questions Source Oil Generation Reservoir Migration Structure Time/Space Seal Enduring Where to drill Shared reward 4
Exploration: What has been found with 50 million spent High to Low 10 Kms Competent Persons Report Concluded multiple billion barrel potential Residual source risk Can only be reduced by drilling Fold B Fold C Depth 700m…
Oil Exploration Mitigation of Major Associated Risks Potential Benefits of Successful Oil Exploration Summary
Preparation: Perseverance 1 Qualified Management Team Qualified International Operator Preventive Measures 12 Months of Well Planning Blow-out Prevention Environmental Impact Assessment License Completed Requirement In…
Preparation: Well Plan Drilling rig with upgraded and advanced safety mechanisms Water depth at location: 1,500 feet Planned well depth: 22,500 feet 1 year to plan, 120 days to drill Anticipated well cost: 120 million 3D seismic…
Preparation: Current Oil and Gas Activity Oilfields Abaco Grand Atlantic Ocean Refineries Bahama Terminals GT. Isaacs Storages Eleuthera Williams Joides 101 Historic Joides 98 Boreholes Coastal State -1 Andros - 1 New…
Preparation: Incident Prevention and Risk Mitigation Blow Out Preventer MARPOL 73/78 Spill Contingency Internationally The Merchant (BOP) Pollution) Act Regulations Shipping (Oil Bahamas Oil SOPEP…
Preparation: Environmental Impact Assessment and BEST Approval Scope: BPC Gulf of Mexico Well Well Exploration drilling activities at Bain, Cooper, Donaldson, and Eneas offshore blocks Incorporate best practices from Norway, the…
Preparation: Routine Impacts to be Monitored and Mitigated Air Emissions Equipment Specifications. Efficient technology Rig Safety Zone Fishing and Shipping monitoring and communications Marine Mammals Minimisation of noise,…
Preparation: Oil Spill Movement Simulation Sophisticated model incorporating ocean currents, prevailing winds, seafloor (bathymetry) and oil properties Modeled worst case scenario, very low probability event: an uncontained…
Preparation: Environmental Management Plan Environmental Sensitivity Maps Health, Safety and Environmental Management Emergency Response Plan Oil Spill Contingency Plan Waste Management Plan Health and Safety Plan Oil Spill…
Preparation: Environmental Sensitivity Index (ESI) Maps
Oil Exploration Mitigation of Major Associated Risks Potential Benefits of Successful Oil Exploration Summary
Benefits of Successful Oil Exploration Royalty payments are a long-term source of government revenue Increases with oil price and production levels Avails ability to secure wealth for future generations Diversification of the…
The Path to Oil Development and Potential Returns 5 10+ 1 year 13 3 6 years 20 40 years years years Dividing the Pie: Seismic & Exploratory Appraisal Development Development Equal Split in Returns Phase Geologic Drilling…
Offshore Oil Development & Tourism Coexist in The Americas Annual revenue from tourism in countries with offshore petroleum exploration and production United States: 166 billion Mexico: 12.4 billion Brazil: 6.2 billion Argentina:…
Oil Exploration Potential Benefits of Successful Oil Exploration Mitigation of Major Associated Risks Summary
Key Points Development of an Oil Industry requires drilling to verify hydrocarbon potential: Prospects have the potential for multi-billions of barrels of oil Time to train Bahamians for the jobs and opportunities Success will…
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