Second reading of the Petroleum Bill

RNS Number : 8525N

Bahamas Petroleum Company PLC

21 May 2015

 

21 May 2015

Bahamas Petroleum Company plc

("Bahamas Petroleum" or the "Company")

Second reading of the Petroleum Bill and associated Regulations and the Sovereign Wealth Fund Bill in Bahamian House of Assembly

Bahamas Petroleum Company, the oil and gas exploration company with a significant prospective resource in licences in The Commonwealth of The Bahamas is pleased to announce that 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.

As previously announced in December 2014, this suite of Bills and associated regulations are 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 modernised structure where international best practises can be applied.

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.

The Company 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.

Simon Potter, Chief Executive Officer of Bahamas Petroleum Company, said:

"We are pleased to note that the Minister for Environment and Housing has presented the  Petroleum Bill and attendant Regulations to the House of Assembly for debate, which constitutes the second of three readings. Yesterday's 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."

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For further information, please contact:

Bahamas Petroleum Company plc Simon Potter, Chief Executive Officer	Tel: [phone]
Strand Hanson Limited - Nomad Rory Murphy / James Spinney	Tel: [phone]
CAMARCO Billy Clegg / Georgia Mann	Tel: [phone]

Notes to editors:

Bahamas Petroleum Company is an oil and gas exploration company with 100% owned offshore licences exclusively focused on the Commonwealth of The Bahamas. The Company has significant prospective resources, which have been de-risked through both extensive 2D and 3D seismic. The four Southern Licences, with a newly agreed well obligation date of April 2017, run until 2Q 2018 when the licences may be renewed a further two times. The Company is intent on delivering safe and environmentally responsible exploration.

www.bpcplc.com

 

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