- Bahamas Petroleum Company says it is pleased to announce that the Petroleum Bill and associated regulations, as well as a Sovereign Wealth Fund Bill, have been passed by the Bahamian Senate.

The Governor General will now receive the Bills for signature and following gazettal they will pass into law; after which they will be known as the Petroleum Act and the Sovereign Wealth Fund Act.

The company says the new legislation provides an upgraded and modernised framework for petroleum exploration operations in The Bahamas and are set to guide and govern the next phase of safe and responsible hydrocarbon exploration. The establishment of a sovereign wealth fund is a step forward in ensuring that accrued wealth from exploration success and subsequent development may be optimally invested, managed and conserved for the benefit of this and future generations of Bahamians.

In addition, establishing this new legislative framework will more readily enable the discharge of the Company's obligation to the Government of The Bahamas in achieving its goal of drilling the first modern oil exploration well in The Bahamas since those previously completed in the 1970s and 1980s.

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