LONDON (Alliance News) - Bahamas Petroleum Co on Thursday said the Petroleum Bill tabled in the Bahamas has been put to the House of Assembly for second readings.
The bill and associated regulations are designed to govern the next phase of hydrocarbon development in the country. Bahamas Petroleum said it thinks the package of regulations will reinforce responsible and safe hydrocarbon exploration in the country.
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 its 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, Bahamas Petroleum 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 gamechanger for the Bahamas given the sheer scale of the prospects," said Simon Potter, Bahamas Petroleum's chief executive.
Shares in Bahamas Petroleum were up 3.4% to 2.33 pence on Thursday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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