The Petroleum Bill and suite of associated regulations as well as a sovereign wealth bill have been put before the Bahamian House of Assembly for their second readings on 20 May, Bahamas Petroleum Co. announced.
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Image from Bahamas Petroleum. |
Following the second readings and associated debates, there will be a committal stage followed by third readings where members of the house will vote on the bills before passage to the senate for their consent. Following consent from the senate, the bills will be sent to the governor general for assent, after which they will become law and be referred to as the Petroleum Act and the Sovereign Wealth Act.
Bahamas Petroleum considers that the legislative package, once promulgated, will reinforce responsible and safe hydrocarbon exploration as an integral part of the National Energy Policy of The Bahamas, whilst providing the assurance required to attract the considerable investment necessary to develop the potentially huge and therefore significant economic resources present in Bahamian waters.
"Yesterday's (20 May) reading further reinforces the Government's commitment to petroleum exploration, where a successful outcome could be an economic game-changer for The Bahamas given the shear scale of the prospects. We look forward to updating our shareholders further in due course," Simon Potter Bahamas Petroleum CEO said.
In December 2014, the suite of bills and associated regulations were set to guide and govern the next phase of safe and responsible hydrocarbon exploration in The Bahamas as well as providing the legislative framework to ensure that the accrued wealth from any exploration success would be optimally invested, managed and conserved for the benefit of this and future generations of Bahamians. The suite of regulations associated with the Petroleum Bill comprise requirements and standards for operations, health and safety and environmental management that seek to provide an upgraded and modernized structure where international best practices can be applied.
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