An open letter to the Bahamas media by a BPC shareholder22 Nov 2020 06:05
[Split into 2 due to size. Post 1 of 2]
Don’t let them trick you!
I am a shareholder in Bahamas Petroleum (‘BPC’). I am not part of a PR agency, specialist interest group, employee, or supplier. Just an ordinary shareholder with a relatively small amount of shares out of the 4+ billion on issue.
It is good to question our political leaders and to take part in informed debate to make our nation a better place and a fairer place to live. I do in the country where I live. It is also good that our youth are more environmentally focused compared to my 1950’s generation. However, I cannot help but question a few of the opinions expressed in recent articles relating to the imminent exploratory drill off the Cuban northern coast.
How many of the influencers and financial backers of the campaigns to stop exploratory drilling and eventually production, are connected to the Bahamas? Do they have conflicts of interest? Are they attempting to delay the drill or financially hurt BPC and its shareholder for personal gain? Based on the timing is there malice involved? And for those vocal objectors who are Bahamian, is it really about the environment or merely a conduit for political protest?
My last rhetorical question above is based on observing recent articles that seem to start by commenting on the environment yet bring in other points such as financial and political ones. I wish to address them as I believe they are connected.
Financial
It is simply not true to imply foreigners have somehow ‘tricked’ and taken advantage of the Bahamian people. The Bahamas is not a modern day African or South American colony taken advantage of by European powers as was the case between the 16th to 19th centuries. BPC has shareholders internationally, some Bahamian, mostly private investors. More than $100m of our money has been invested with the hope we can profit. Today each BPC share is approximately 4 cents. If commercial quantities of oil are found, analysts believe it will skyrocket to over 40c. If none is found, the share price will plummet. Anyone in the Bahamas can invest in BPC by seeking professional advice and phoning a broker. Even if they cannot afford to do so, they will indirectly benefit if oil is found, because the vast royalties can create a wealth fund for future generations or pay off the national debt. Norway’s fund is so huge, if a baby is born while you are reading this article, the state has a virtual $200,000 invested in this child’s lifetime. …………………………………….
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