The Minister of the Environment and Housing announced that a new Petroleum Act and a suite of regulations to guide and govern oil exploration in The Bahamas has been completed and is now to be placed before the House.
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Map from Bahamas Petroleum. |
According to a release from Bahamas Petroleum Co., The Bahamas government details that it is committed to introducing the legislative package, which contains regulations that will address permitting, technical, environmental and operational activities for the petroleum industry in country, as soon as Parliament reconvenes after a brief recess.
“This new legislative package will also include the legislative framework for a Sovereign Wealth Fund to ensure that in the event oil is discovered in commercially viable quantities, the wealth that will accrue to the nation as a result will be invested, managed and conserved in the most optimal way for present and future generations of Bahamians,” said the Honorable Kenred M.A. Dorsett M.P., Minister of Environment & Housing in a statement. “If oil is discovered in commercially viable quantities in The Bahamas, it will have a massively transformative effect on our fortunes as a people. It will allow us to deliver on our commitment to eliminate the fiscal deficit while at the same time providing a platform for the systematic reduction in the cost of electricity on a sustained basis for consumers both residential and commercial. Longer term, it will vastly increase the wealth of the nation through the creation of a flourishing new industrial sector and a sovereign wealth fund, one that has the potential of enriching the nation beyond its imagination.”
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The Honorable Kenred M.A. Dorsett M.P., Minister of Environment & Housing. From The Bahamas Weekly. |
"After a short recess, following a busy parliamentary agenda, the process will be finalized,” said Simon Potter, Bahamas Petroleum CEO. "The Minister's firm commitment to evaluating the country's petroleum resources through licensed exploration within an up-to-date legislative framework demonstrates the government's continuing commitment to the future of the petroleum industry in The Bahamas whilst recognizing the transformational effect success could have.”
Bahamas Petroleum says will continue to work closely with the government, as appropriate, to ensure that all well locations are fully permitted and will be in immediate compliance with the revised regulations.
At the beginning of 2014, Statoil ended its joint license agreement with Bahamas Petroleum that had been in place since May 2009. It covered three license applications − Zapata, Falcones and Islamorada.
Bahamas Petroleum says Statoil dropped its involvement in the agreement following its exploration successes elsewhere and a subsequent review of its global portfolio.
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