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And cost potential $2.4bn jump in their value BPC chief warns of Bahamas reputation hit By NEIL HARTNELL [email protected] The Bahamas Petroleum Company (BPC) has warned that its major $100m asset will be extinguished , thereby threatening its survival, if the Supreme Court halts its oil drilling activities. Simon Potter, its chief executive, revealed in a December 11, 2020, affidavit that it would be impossible for the company to apply for the renewal of its five southern Bahamian licences by the March 31, 2021, deadline unless it is able to complete its Perseverance Once exploratory well within the targeted 45-60 days. Disclosing that the results will be critical to determining whether BPC seeks to renew these licences, Mr Potter argued that the oil exploration outfit faced potentially extreme economic losses if environmental activists successfully persuade a judge to stay Perseverance One s drilling as part of their Judicial Review chal ....
People s returns in the pits ; lowest on the planet Pledges to renegotiate as explorer starts drilling By NEIL HARTNELL [email protected] The attorney general yesterday said the Government could impose a new tax on Bahamas Petroleum Company (BPC) if it declines to renegotiate abysmally low royalty rates that are the world s poorest. Carl Bethel QC told Tribune Business the Bahamian people were in line to receive the lowest return of any nation on their country s potential natural resources as he blasted the former Christie administration for ignoring studies suggesting it should revise a royalty structure that was in the pits . ....
Drilling begins Stena Drilling’s Stena IceMAX drillship. Exploratory oil drilling has commenced in Bahamian waters, according to Bahamas Petroleum Company (BPC) Chief Executive Officer Simon Potter, who announced in a statement that the Perseverance #1 well was spud on Sunday, December 20. “We are very pleased to announce that the drilling of the exploratory well, Perseverance #1 has commenced – the well has been spud,” Potter said. “This is a momentous milestone for both BPC and The Bahamas and represents the culmination of more than 10 years’ work by a team who have remained steadfast in their belief in this project throughout. That it is finally taking place is a testament to the application, skill and professionalism of many people over those years. The well will be drilled to the highest environmental and safety standards over the next 45-60 days. ....
Environmentalists outraged over drilling commencement Eric Carey. Several environmentalists expressed shock and outrage yesterday after learning that exploratory oil drilling by Bahamas Petroleum Company (BPC) commenced in Bahamian waters. Bahamas National Trust (BNT) Executive Director Eric Carey called it “duplicitous” and “hypocritical” as he said it pushes the country back years and goes contrary to the steps needed in addressing the effects of climate change that plague the country. “It’s an unfortunate and sad day for the development of our country because I think it takes us a step back into fossilized times,” Carey said. “We’re looking at fuels that are destructive and are a detriment to our own existence and it’s a sad day that as a country that is so vulnerable to the impacts of climate change, we have been to the United Nations and elsewhere telling the world that we are at risk, that we’re going to go under as the sea levels ....
[email protected] SEVERAL members of the United States Congress have written to Prime Minister Dr Hubert Minnis and Environment Minister Romauld Ferreira urging them to reconsider the oil drilling agreement with Bahamas Petroleum Company. Yesterday, Dr Minnis told The Tribune he had not formally received the letter through the Office of the Prime Minister and offered no further comment. Attorney General Carl Bethel is expected to address the oil drilling issue when the Senate meets today. BPC’s drilling ship, Stena IceMAX, anchored out to sea between the Berry Islands and Grand Bahama last Tuesday. BPC planned to begin drilling its first exploratory well in waters 90 miles west of Andros yesterday. ....