Statoil plans to discontinue its joint-license development agreement with Bahamas Petroleum (BPC). The Zapata, Falcones and Islamorada license applications will all revert back to BPC after being in place since May 2009. BPC paid all application costs for the agreement.

BPC plans to commence an exploration well in its southern licenses by April 2015, subject to securing financing through a farm-out agreement. It would be the first exploration well spudded in the country in nearly thirty years. The new well was mandated by the national government in exchange for a three-year renewal of the company's five Bahaman licenses to 2016.

Any public consultation on future oil development in the country is on hold until commercial reserves have been established through exploration drilling. The southern licenses were adjusted last year to conform to the Bahamas-Cuban maritime boundary.