Many of you might be aware that a company as been searching for oil in The Bahamas for several years now. Well they feel very strongly that there may be oil in the Southern Bahamas near Cuba. So Strongly In-fact, that they have raised $75 Million on the London stock exchange to drill an oil well next year.
BAHAMAS Petroleum Company is still committed to its timeline to have an Oil Well drilled in Bahamian waters by the “second quarter” of next year, according to company CEO Dr Paul Crevello.
The company, which last month raised $75 million on the London market for its oil exploration, wants to drill in the southern Bahamas near Cuba.
“We’re beginning a new exploration phase over the coming months in 3D seismic surveys. We will be down in the southern area adjacent to Cuba.
“We hope that in the second quarter of next year we will be able to be in a position where we can go forward and drill a well. We’ve just raised $75 million on the London market last month to apply towards our exploration purposes,” Dr Crevello said during a meeting of the Rotary Club of Nassau yesterday.
It is doubtful that this timeline will be met as Government has said it will not lift its moratorium on drilling any time soon.
“Well it’s nigh impossible for this (the passing of legislation relating to oil drilling) to be accommodated within this Parliament,” Environment Minister Earl Deveaux told The Tribune last month.
Oil is a potential game changer for The Bahamas. We need to ensure if oil is found in The Bahamas that it benefits The Bahamian people and is not a detriment to the country. We also have to ensure proper controls are in place to protect the environment and avoid corruption from our Government officials.
What are the potential benefits and dangers of an Oil Well in Bahamian Waters?
PS. I’ve created a page dedicated to this topic where I will link to all of my future post about oil in The Bahamas