Environmental campaigners were celebrating this morning after Bahamas Petroleum Corporation announced it has ceased its drilling operations after having failed to find commercial volumes of oil.

BPC revealed its controversial exploratory drilling was over and the well which had been drilled will be sealed.

“Whilst the well encountered oil, indicated from LWD (logging while drilling) tools, gas chromatography and mud logs, commercial volumes of oil have not been proven at this well location," BPC said in a statement.

CEO Simon Potter said: “I am proud to say that after many years of diligent effort we did what we said we would do: BPC drilled the Perseverance #1 well safely and without incident, testing for the presence of hydrocarbons in the Southern Seas of The Bahamas. This was the very specific objective of the well – not a scientific or geologic experiment, but to seek hydrocarbons in commercial quantities.”