Saturday, January 23, 2021

Offshore oil exploration and drilling in The Bahamas - The politics, news, notes, perspectives and opinions...

Some Background Information on the Offshore Oil Exploration and Drilling Issue in The Bahamas.

THE local environmental advocacy agency reEarth launched an Online petition calling on the government to stop all oil exploration in The Bahamas, and to never issue permits for drilling. - May 10, 2010

THE BAHAMAS GOVERNMENT has suspended the consideration process for all oil exploration and drilling applications until the country has stringent environmental protocols in place to mitigate against a catastrophic oil well leak. - August 31, 2010

Shares in the company dedicated to drilling for oil in The Bahamas have tumbled after the surprise announcement that the Bahamian government was suspending consideration of exploration licences. - September 02, 2010

* “The Bahamas, a giant oil province in the making”. - May 23, 2011

The Democratic National Alliance (DNA) has tried to gain political mileage by stirring up a controversy over oil exploration in The Bahamas. - March 21, 2012

* Prime Minister Hubert Ingraham said there would be no oil drilling in Bahamian waters if his party is re-elected to office. - April 19, 2012

Bahamas Petroleum Company (BPC) stock has lost a fourth of its market value on the heels of a declaration from Prime Minister Hubert Ingraham that his government would not allow BPC to drill for oil. - April 21, 2012

* The Free National Movement (FNM) said, that if the Progressive Liberal Party (PLP) is re-elected, its leaders’ ‘relationship’ with the Bahamas Petroleum Company (BPC) would impact whatever decision they make in relation to the company’s bid to drill for oil in Bahamian waters. - April 24, 2012

Prime Minister Hubert Ingraham: ...we were shocked to learn that Opposition Leader Perry Christie is an adviser to the law firm that represents the Bahamas Petroleum Company that expects to receive licences shortly to start drilling for oil in our waters. This is probably one of the most important decisions that the next administration will have to make.

The law firm of Philip “Brave” Davis is listed as BPC’s lawyers with Mr Davis, deputy leader of the PLP, having retained Mr Christie as a BPC adviser.
 - April 25, 2012

Prime Minister Hubert Ingraham turned up the heat on Progressive Liberal Party (PLP) Leader Perry Christie, accusing him of being a lobbyist for the Bahamas Petroleum Company (BPC), which wants to drill for oil in Bahamian waters. - April 26, 2012

THE Democratic National Alliance (DNA) is calling for the resignation of PLP leader Perry Christie over his connection to the Bahamas Petroleum Company. - April 27, 2012

Progressive Liberal Party (PLP) Leader Perry Christie backtracked from a statement he made a week ago confirming that Bahamas Petroleum Company (BPC) was benefiting from advice he was providing as a consultant for Davis & Co. law firm. - April 27, 2012

The response of the Progressive Liberal Party (PLP) deputy leader; Mr. Philip “Brave” Davis - to the question of conflict of interest in relations to his law firm’s connection to the Bahamas Petroleum Company (BPC), instigates more questions than answers. - April 29, 2012

Opposition Leader Perry Christie confirmed to The Nassau Guardian that he served as a legal consultant to Bahamas Petroleum Company (BPC).

He stated, “I consult on work the firm deems I am qualified by the office I’ve had, with the knowledge that I have in terms of government.” - May 03, 2012

Setting the record straight on oil exploration in The Bahamas. - May 11, 2012

THE Bahamas Chamber of Commerce and Employers Confederation (BCCEC) supports permitting oil exploration in this nation's waters once regulatory safeguards were in place, telling Tribune Business potential earnings could "eliminate the National Debt in five years". - May 18, 2012

Applied Drilling Technology International (ADTI), the company hired by the Bahamas Petroleum Company (BPC) to plan and execute an exploratory well in Bahamian waters says it believes it will be drilling by the end of next year. - May 25, 2012

While a referendum on oil drilling is not currently the priority of the Bahamas government, Prime Minister Perry Christie told The Nassau Guardian he remains committed to such a referendum. - August 13, 2012

THE promised referendum on oil drilling in The Bahamas. - September 05, 2012

The International Monetary Fund (IMF) says the size of any oil deposit lurking beneath Bahamian waters is essential to any decision on whether to commence commercial drilling.  September 10, 2012

The Bahamas cannot wait and count on prospective oil resources to become self-sufficient. - September 11, 2012

WITH the Bahamas Petroleum Company fulfilling all its required licence and regulatory obligations for another three year licence, FNM Leader Dr Hubert Minnis called on Prime Minister Perry Christie yesterday to find the “testicular fortitude” and make a decision with regards to the licensing of offshore oil drilling without having to “pass the buck” to the Bahamian people via a national referendum. - September 11, 2012

* Despite a long history of exploration in The Bahamas, the substantial risks of petroleum exploitation only gained prominence following the worst oil accident in history – the Deepwater Horizon blowout in the Gulf of Mexico in 2010. - November 02, 2012

* Before the Bahamas Environment, Science and Technology (BEST) Commission completes its report on the potential for the Bahamas Petroleum Company (BPC) to drill oil in The Bahamas, the government will present an oil referendum to Bahamians, according to Environment Minister Kenred Dorsett. - November 13, 2012

Progressive Liberal Party (PLP) Senator Jerome Gomez said yesterday that he plans to vote yes when the government brings a referendum on whether or not the country should drill for oil. - December 07, 2012

Business leaders are urging the government to treat the gambling issue as a learning experience for the upcoming oil drilling referendum. - January 30, 2013

Kenred Dorsett, Minister of the Environment and Housing said:  ...THE Government will allow exploratory drilling to determine whether there are commercial quantities of oil in the Bahamas prior to any referendum. - March 11, 2013

THE Opposition - Free National Movement (FNM) has vowed to do everything in its power to block exploratory oil drilling in The Bahamas before comprehensive regulations are put in place and unless there is full disclosure of any relationship between the oil industry and senior PLPs. - March 15, 2013

If Bahamas Petroleum Company’s (BPC) calculations are correct, there is a super-giant oil field lying beneath Bahamian waters. - March 18, 2013

* Craig Butler, a well-known attorney - said The Bahamas had done an “ass backwards” job in negotiations with the Bahamas Petroleum Company (BPC), arguing that the country should receive “no less than 60 per cent” of the proceeds if commercial quantities of oil were discovered. - March 22, 2013

Perry Christie’s lack of transparency on certain issues is as murky and as dense as an oil slick.  When did he become a consultant to Bahamas Petroleum Company - BPC?  How much was he paid?  How often did they consult with him? - April 04, 2013

Efforts to find oil off Cuba may have failed, but the Bahamas Petroleum Company (BPC) – the only explorer searching for oil off the Atlantic archipelago – says it expects to find crude oil in The Bahamas. - April 22, 2013

* Now, while Bahamians are discussing oil from the perspective of a countrywide get-rich-quick-scheme, many of them haven’t considered the environmental ramifications, how Bahamas Petroleum Company - BPC will likely go about getting it and/or a thorough examining of the peripheral issues related to oil drilling. - May 06, 2013

Prime Minister Perry Christie denied that his administration has flip-flopped on the oil drilling referendum. - May 12, 2013

The Bahamas Petroleum Company (BPC) will not be permitted to drill any exploratory wells in Bahamian waters until the regulations that will oversee the industry are completed. ...

According to Minister of the Environment and Housing Kenred Dorsett, these regulations will not be completed before the end of the year. - July 31, 2013

* The Bahamas National Citizens Coalition (BNCC) has filed an action in the Supreme Court seeking to block the minister of the environment and housing from issuing or renewing any oil exploration licenses. - August 07, 2013

The Bahamas government is being advised to move quickly to update the terms of its agreement with Bahamas Petroleum Company (BPC), which have been dubbed by BPC itself, in addition to by local and international oil industry watchers, as extremely favorable to the company. - September 24, 2013

* “troubled” by Bahamas Petroleum Company (BPC) CEO Simon Potter’s recent comments that the financial terms his company “tied down with the Bahamas Government are second to none.” - September 26, 2013

* Mr Simon Potter, Bahamas Petroleum Company - BPC’s chief executive expressed hope there would be enough Bahamian investor interest to indicate “a momentum of support” for BPC and its oil exploration activities in The Bahamas.  - Oct 02, 2013

The Bahamas National Trust (BNT) says NO to Oil Drilling In The Bahamas. - November 27, 2020

* ...
“if they find oil” we’ll negotiate a royalty! - December 23, 2020