- Bahamas Petroleum Co says it is delighted that the Bahamian House of Assembly has passed the the Petroleum Bill and associated regulations, as well as a Sovereign Wealth Bill.

The Bills will now be sent to the Bahamian Senate and following successful passage the Governor General will receive the Bills for assent into law; after which they will be known as the Petroleum Act and the Sovereign Wealth Fund Act.

The Company considers that this legislative package reinforces responsible and safe hydrocarbon exploration as an integral part of the National Energy Policy of The Bahamas, whilst at the same time providing the assurance required to attract the considerable investment necessary to develop the potentially huge, and therefore significant economic resources present in Bahamian waters.

Chief executive Simon Potter said: "The passing of the Bills and attendant Regulations marks the closing of a lengthy process, and we are delighted to see a majority vote in favour. This represents a clear expression of support for our industry not just by the Government, but by the wider legislative community as well.

"Today's news should be viewed as positive not only for Bahamas Petroleum Company and its shareholders and stakeholders, but also the country as a whole, as it provides a more stable framework for permitting, technical, environmental and operational activities. These are all key aspects that influence foreign investment. The Government today has shown its commitment to responsible oil and gas exploration in The Bahamas, where a successful outcome could be an economic game-changer for the country given the sheer scale of the prospects. We look forward to the Bills and associated Regulations becoming law in the near future.

"Bahamas Petroleum continues to progress its evaluation of the potential of its 100% owned offshore licences, including discussions with potential partners, and looks forward to continuing to work closely with the Government and local communities in generating significant value for all stakeholders. We will update the market further in due course."

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