LONDON (Alliance News) - Bahamas Petroleum Company PLC on Tuesday said the government of the Bahamas has shown its commitment to "responsible" oil and gas exploration in region, as a new petroleum bill and associated regulations were passed, along with a Sovereign wealth bill, by a majority of members of the Bahamian House of Assembly.
The bills will now be sent to the Bahamian Senate, following which they will be received by the Governor General for assent into law. The bills will then be known as the Petroleum Act and the Sovereign Wealth Fund Act.
The oil and gas exploration company said it is continuing with its evaluation of the potential of its offshore licences, including discussions with potential partners.
"The passing of the bills and attendant regulations marks the closing of a lengthy process, and we are delighted to see a majority vote in favour. This represents a clear expression of support for our industry not just by the government, but by the wider legislative community as well," Chief Executive Simon Potter said.
"Today's news should be viewed as positive not only for Bahamas Petroleum Company and its shareholders and stakeholders, but also the country as a whole, as it provides a more stable framework for permitting, technical, environmental and operational activities. These are all key aspects that influence foreign investment," Potter added.
Shares in Bahamas Petroleum Company were up 23% at 1.65 pence on Tuesday morning.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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