BPC applauds PM’s plan for sovereign wealth fund Simon Potter.
The Bahamas Petroleum Company (BPC), which began drilling an exploratory oil well in Bahamian waters last month, on Saturday praised a recent announcement by Prime Minister Dr. Hubert Minnis that his government will fast track the implementation of a sovereign wealth fund.
BPC said it was “delighted” to note Minnis’ statement of his government’s intention to implement a sovereign wealth fund “in line with similar funds maintained by countries, so to enable accumulation of wealth for the national benefit from natural resources”.
BPC CEO Simon Potter said: “The many natural resources in The Bahamas, including its potential oil resource, have the capacity to add an entirely new income stream to the government of The Bahamas, thereby diversifying the economy and significantly broadening the government’s revenue base.
Oil drilling called ‘golden opportunity’ for Bahamas Stena Drilling’s Stena IceMAX drillship.
A shareholder in Bahamas Petroleum Company (BPC) yesterday expressed concern over the pushback to oil drilling in Bahamian waters calling current court proceedings “misconceived” and saying the case could discourage potential foreign investors from considering The Bahamas.
Tudor Lomas, a citizen of the UK, currently residing in Amsterdam, said after following court proceedings and the arguments presented by environmentalists, he’s worried that if oil is indeed found in Bahamian waters, Bahamians would push against it, “missing out on a golden opportunity”.
“Reputable international business comes to countries that respect the rule of law,” he said.
Ruling on oil drilling expected ‘ASAP’ Stena Drilling’s Stena IceMAX drillship.
After hearing both sides on the matter involving whether Bahamas Petroleum Company (BPC) should be allowed to proceed with its exploratory oil drilling yesterday, a Supreme Court justice is set to deliver a ruling “as soon as possible.”
Justice Petra Hanna-Adderley heard from the lead attorneys representing Waterkeeper Bahamas Ltd and Coalition to Save Clifton Bay, the government as well as BPC yesterday and adjourned the matter until 5 p.m. today.
Fred Smith, QC, who represents the environmental groups, in his argument contended that the issue at hand is whether the exploratory oil drilling exercise now underway by BPC was lawful and whether the process of licenses being granted by government included all of the steps required by law, including the issuance of permits as well as proper consultation.
nhartnell@tribunemedia.net
An oil explorer and its opponents have given sharply different versions of the Christmas Eve legal battle that set up today’s hearing on the Judicial Review challenge to halt its exploratory drilling.
Fred Smith QC, the Callender’s & Co attorney and partner, yesterday argued that Bahamas Petroleum Company’s (BPC) description of the December 24, 2020, hearing before Justice Petra Hanna-Adderley was “deceptive and misleading” because his clients’ case was not rejected by the judge.
BPC, in two statements on the court hearings issued over the Christmas holidays, asserted that Justice Hanna-Adderley refused to give their environmental activist opponents permission to proceed with an action that aims to halt their activities in Bahamian waters.
krussell@tribunemedia.net
ENVIRONMENTALISTS will learn on Saturday whether Justice Petra Hanna-Adderley will grant their application for a stay of Bahamas Petroleum Company’s exploratory oil well drilling.
However, with that drilling already started last Sunday, one of BPC’s attorneys Clare Montgomery, QC, contended that it is virtually impossible to halt it.
Attorneys for all sides were in the Supreme Court Friday for a hearing on an application for judicial review of the government’s decision making process regarding the approvals for BPC to drill for oil in Bahamian waters.
Justice Hanna-Adderley did not make a decision on that judicial review application nor did she decide on on the stay of drilling.