- Bahamas Petroleum Co has welcomed an announcement by the Bahamas minister of the environment and housing that a new Petroleum Act and regulations to guide and govern oil exploration have been completed.

The government says it is committed to introducing the legislative package, which contains regulations that will address permitting, technical, environmental and operational activities for the petroleum industry, as soon as Parliament reconvenes after a brief recess.

Chief executive Simon Potter said: "The announcement by the Minister of the Environment and Housing to Parliament that the Government of The Bahamas has now completed the preparation of a new Petroleum Act and updated regulations is a welcome development. After a short recess, following a busy parliamentary agenda, the process will be finalised.

"The Minister's firm commitment to evaluating the country's petroleum resources through licensed exploration within an up-to-date legislative framework demonstrates the Government's continuing commitment to the future of the petroleum industry in The Bahamas whilst recognising the transformational effect success could have.

"The process of achieving ratification of these regulations is now a step closer and Bahamas Petroleum Company will continue to work closely with the Government, as appropriate, to ensure that all well locations are fully permitted and will be in immediate compliance with the revised regulations. This, along with our regular engagement with communities and stakeholders, is expected to aid a smooth preparation for further safe and environmentally responsible exploration."

At 4:25pm: [LON:BPC] Bahamas Petroleum Company PLC share price was +0.33p at 2.78p

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