According to official reports in early-June 2020, state company ANCAP has awarded the offshore block OFF-1 to Bahamas Petroleum Company (BPC) following an offer that was submitted on 29 May 2020 as part of the ongoing Uruguay Open Round. Work commitments for the first exploration period of four years in the block include reprocessing 2,000 km of historical 2D seismic data and undertaking of new geophysical/geological studies with the investment cost of approximately USD 900,000 including mandatory contributions to various education and social funds and initiatives. A commitment of one exploration well is expected in the second phase if the operator selects a three-year option, or a 50% relinquishment with no drilling obligation if the operator decides to go with a shorter two-year option. The drilling of two wells and a 30% relinquishment are required in the third exploration phase of three years. BPC holds 100% stake in the block, although ANCAP has the right to back-in for up to 20% participating interest.  OFF-1 offshore block covers 14,581 sq km of area in Rio Salado Basin with water depths ranging from 20 m to over 1,000 m. The block is situated adjacent to OFF-2 and OFF-3 on the eastern side where Kosmos Energy currently has a couple of pending awards after submitting its offers to ANCAP in October 2019. Approximately 12,000 km of 2D seismic data has been acquired on the block from the early 1970s through 2015 with no 3D coverage, although to-date the area has only been drilled by Chevron with a couple of plugged & abandoned wells in 1976. It was said that BPC estimated potential of the area up to 1 Bboe due to having a perceived exploration play that is similar in nature to the Guyana - Suriname basins as well as the Cretaceous turbidite plays that have been successfully explored in offshore north-eastern South America.  The OFF-1 block marks BPC's first asset outside of the Bahamas where it holds 100% stake in five offshore blocks over waters approximately 200 to 500 meters deep in the Florida-Bahamas Platform Basin. On the northern side of the islands near the border with the United States, the company is the operator on the Miami block which covers 3,080 sq km of area. Meanwhile in the southern side against the border with Cuba, it operates four commercially co-joined offshore licenses of Bain, Cooper, Donaldson, and Eneas blocks which cover a total area of 12,241 sq km. Most recently BPC postponed the drilling of the Perseverance 1 exploration well for to December 2020 due to concerns for the safety of the crew amidst the coronavirus disease 2019 (COVID-19) pandemic.  Background Information  ANCAP launched a new biannual open round process called Uruguay Open Round with six blocks offshore and five blocks onshore in May 2019. In addition to areas that were previously offered in the last Uruguay Round 3 offshore round in 2018, the new licensing round also offers parcels that cover several recently relinquished offshore blocks in the south, along with onshore blocks in the north which cover areas that previously have been offered in their own open round process since 2014.
According to official reports in early-June 2020, state company ANCAP has awarded the offshore block OFF-1 to Bahamas Petroleum Company (BPC) following an offer that was submitted on 29 May 2020 as part of the ongoing Uruguay Open Round. 