The Tribune

By CREATIVE WORKS

PR and Marketing Agency

As Bahamian marketing consultants with a history of serving international clients, we are strongly convinced and satisfied that the Government’s commitment to bring new regulations relative to the Bahamas Petroleum Company’s (BPC) efforts to explore for oil presents a win-win situation for the country. Successful execution by BPC will prove a positive game changer for our national economy and our way of life.

We suspect the VAT and Gaming Bills, and other issues, have somewhat slowed the Government’s approach to deliver on the regulatory and legislative package for an oil exploration industry.

We are, however, optimistic that this matter will now be given priority status.

The agency’s research within the past few months highlights the fact that potential international investors see the new regulations as the key component to proceed.

Successive Governments have demonstrated remarkable confidence in BPC’s efforts. The company received all license approvals during the five year stint of the Free National Movement (FNM), and exploration licenses have also been extended under the Progressive Liberal Party. There is absolutely no political football play here. As for BPC, the company has already invested more than $50 million over the past few years on this project, and its data room and technical case drum a beat of world class excellence.

We are of the view that BPC has down played its extraordinary make up, including the diverse wealth of business experience on the Board of Directors; the genuine, shared love for what is best for the Bahamas; and the unique and tremendous qualifications that the chief executive, Simon Potter, holds.

He is regarded as a brilliant, tried and proven leader in the industry worldwide.

The proposed oil exploration offers no geographical and/or environmental risk for the Bahamas. The project will be executed at no financial expense to the Government and the Bahamian people. In truth, the Bahamas has been in the oil business for decades. Identified as a shipping channel, Grand Bahama is one of the largest transshipment hubs in the world. Oil passes through the Bahamas literally every day.

Our findings about BPC were most encouraging. The company welcomes new regulations.. Where appropriate, they have assisted the Government on technical matters. BPC recognises and accepts the fact that Government has complete control with regards to the regulatory and legislative package, while a major game changing factor, a sovereign wealth fund, is entirely for the Government to decide upon and establish.

Given the potential widespread benefits to the country, I hope and know the Government has spotted this game changer, and will move quickly.