Bahamas Petroleum Company CEO Simon Potter
NASSAU, BAHAMAS — Bahamas Petroleum Company (BPC) yesterday asserted that Bahamians have a right to know whether there are commercial quantities of oil in the country, pushing back against claims from environmental opponents.
The company has been preparing for exploratory drilling for 10 years and claims it has spent more than $110 million to-date.
BPC expects to drill an exploratory oil well in Bahamian territorial waters off Andros and adjacent to the Bahamian/Cuban maritime border in late-December 2020.
Simon Potter, BPC CEO, said: “The Bahamian government is exercising its legitimate, sovereign right to find out if The Bahamas has its own hydrocarbon — oil — resource, which we believe could be substantial. Now, more than ever, with the islands facing economic fragility, suffering from both the aftermaths of hurricane damage and the impacts of COVID-19, a successful discovery has the potential to boost government revenues by billions of dollars in royalties, and allow for the creation of new contracts and jobs. Read more >>