Several lockdowns in place have slashed the demand outlook for oil. Credit: Hamish Irvine.

Exploration and production company Bahamas Petroleum has postponed its estimated drilling timeline for the Perseverance #1 exploration well due to coronavirus (Covid-19) pandemic concerns.

In January this year, the company announced its plan to drill the Perseverance #1 well offshore Bahamas from April this year.

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The company has now postponed its scheduled timeline, and it anticipates drilling will start in late May or early June this year. The Seadrill offshore rig will create the Perseverance #1 well, located at water depths of approximately 518m. It has a target depth of 4,822m and the capability to reach 5,600m.

Bahamas Petroleum said the impact of coronavirus has disrupted access to equipment from Asia and limited movement of key personnel. This created challenges in determining a rig mobilisation window and finding an assured time when 45 to 60 days of continuous drilling.

Currently, the company does not anticipate any change in drilling costs as a result of the rescheduled start of operations. Bahamas Petroleum noted that farm-in talks will continue with potential new partners despite the recent decline in oil prices.

CEO Simon Potter said: “We have made consistent progress toward drilling of the company’s 100% owned and operated Perseverance #1 well, targeting recoverable prospective resources of 0.7 – 1.4 billion barrels of oil.

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“Such a continuous operation is also the most cost effective. It is in this context that we have had to reassess the timing for commencement of drilling given the widespread disruption being caused by the global response to the Covid-19 virus.”

Meanwhile, the death toll from the virus has crossed 4,700 as of the end of 12 March, with a total of more than 128,330 infections and 68,300 recoveries.

The number of cases in Italy has risen to 15,113 and death toll increased to 1,016.