DOUGLAS, UK – Bahamas Petroleum Co. (BPC) says a new Petroleum Act and associated regulations for oil exploration in the Bahamas has been placed before the country’s parliament.
In addition, the government has proposed a Sovereign Wealth Act to provide the legislative framework to ensure optimum investment of financial proceeds from any successful exploration on behalf of the population.
Assuming a normal legislative process, the draft legislation will go through three readings in the parliament. If approved, it will be forwarded to the senate for consent and subsequent passage into law, providing an updated framework for petroleum exploration operations in the Bahamas.
BPC says it welcomes regulations in the package that endorse the use of appropriate and up-to-date risk management techniques, safety case methodologies, obligations for environmental management and pollution control systems, emergency procedures, and effective safety management.