Bahamas Petroleum Company’s controversial bid to drill for offshore oil near the Florida coast hit a wall after its exploratory well did not find commercially viable reserves. Environmentalists in the Bahamas and the U.S. staunchly opposed the offshore drilling they say threatens the fragile marine ecosystem. The Perseverance #1 well is located 240 kilometers (150 miles) from the coast of Florida and 146 km (91 mi) from the nearest Bahamian island of Andros. The Stena IceMAX drillship started drilling on Dec. 20. By Feb. 7 it had plumbed depths of 3,900 meters (12,800 feet). BPC, headquartered in the Isle of Man, a British Crown dependency, had estimated that the targeted reserves could hold between 770 million and 1.44 billion barrels of oil. The well was not for oil production but to determine if viable deposits of oil exist. They do not. “Drilling has now ceased, the well having reached a depth of approximately 3,900 meters without incident, and the well will now be permanently plugged and abandoned,” the company said in a statement in response to questions from Mongabay. It was the first effort in many decades to seek offshore oil deposits in Bahamian waters. BPC has sunk more than $110 million into the project over the course of a decade. Its efforts came to fruition only last year when the Bahamian government issued environmental authorization for its exploratory oil drilling. The go-ahead sparked opposition led by the Our Islands, Our Future (OIOF) campaign, a coalition of local and international NGOs and…This article was originally published on Mongabay Läs mer

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