The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

A Cabinet Minister yesterday said he believes he can “make good” on promises to bring legislation to regulate oil exploration in the Bahamas to Parliament before year-end.

Speaking at a press conference to announce the Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) Energy Security Forum, to be held next Wednesday, Kenred Dorsett said final revisions were being made to the legislation so that it could be presented to Parliament.

“It is a compendium of legislation, comprising a new Petroleum Bill and regulations,” the Minister of the Environment and Housing said. “We now have environmental pollution regulations, we have health and safety regulations, and we have the sovereign wealth funds as well.

“We are finalising those matters. Meetings are ongoing with the Central Bank and the Ministry of Finance this week, and I think we will be in position to have the final documents presented to Parliament next week, with a view to bring it into the House either when we next meet or the following week.”

Mr Dorsett added: “I promised that it would be a matter put before Parliament before the end of the year, and it is still something I feel I could make good on in that regard.”

Acknowledging that oil explorer, Bahamas Petroleum Company (BPC), has been keen for such legislation to move forward, Mr Dorsett said that while he could understand its frustration in perhaps not having the regulatory environment in place in the timeframe it wanted, the Government needed to ensure the country is be able to live with regulatory regime for the next 30-40 years.

Last July, Mr Dorsett announced there would be no exploratory drilling by BPC for commercial quantities of oil until the Government had implemented regulations to govern the industry and its potential environmental impact.

The Government announced in March 2013 that if commercial quantities of oil are discovered in the Bahamas, it would engage the Bahamian people in an extensive public information programme to ensure all facts were made available before a national referendum.

The referendum would take place only if it was proven that commercial quantities, which were extractable, existed in Bahamian waters.