BPC have not been allowed to drill by the Govt. They have spent $100m of seismic surveys but no drilling. They now need to attract a big partner with very deep pockets to pay $60m to drill the first well. If they don't find enough oil to extract they lose the lot. It's high risk which is why our govt don't risk our money on a 1 in 5 chance of striking lucky.
magpie says...
BPC have not been allowed to drill by the Govt. They have spent $100m of seismic surveys but no drilling. They now need to attract a big partner with very deep pockets to pay $60m to drill the first well.
If they don't find enough oil to extract they lose the lot. It's high risk which is why our govt don't risk our money on a 1 in 5 chance of striking lucky.
On Oil explorer: New fiscal regime does not apply to us
Posted 23 May 2015, 4:20 p.m. Suggest removal