Bahamas Petroleum Company (BPC) has announced its acquisition of the AREA OFF-1 petroleum licence in Uruguay as part of the company’s portfolio expansion policy, according to a press release

The licence has a total area of around 15,000 kilometer squared (km2), and is situated in water depths from 20 to 1,000 meters, around 100 kms off the Uruguayan coast. A conservative estimation carried out by the oil and gas exploration company estimates the presence of up to 1 billion barrels of oil (bbl/d).

The licence has an initial four-year exploration period, during which BPC will reprocess around 2,000 km of legacy 2D seismic and undertake a number of new geotechnical studies.