LONDON (Alliance News) - Bahamas Petroleum Company PLC Wednesday said the Minister of Environment and Housing in the Bahamas has completed a new Petroleum Act and a suite of regulations to guide and govern oil exploration in the country.
The Bahamas government says it is committed to introducing the legislative package, which contains regulations that will address permitting, technical, environmental and operational activities for the petroleum industry in the country, as soon as Parliament reconvenes after a brief recess, Bahamas Petroleum said in a statement.
"The Minister's firm commitment to evaluating the country's petroleum resources through licensed exploration within an up-to-date legislative framework demonstrates the government's continuing commitment to the future of the petroleum industry in The Bahamas," said Bahamas Petroleum Chief Executive Simon Potter.
Bahamas Petroleum shares closed up 22% at 3.00 pence per share Wednesday, following a late spike on the announcement.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
Copyright 2014 Alliance News Limited. All Rights Reserved.
