Thursday, February 18, 2010
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Bahamas oil exploration hits headlines By Inderia Saunders ~ Guardian Business Reporter ~ inderia@nasguard.com: Government may be readying to approve several oil exploration licenses, Guardian Business has learned, kicking off the first oil search recorded in The Bahamas in decades. According to reports, speculation of such a move has already boosted interest in one license holder. "BPC, an energy explorer, was chased 0.8p higher to 3.25p amid speculation that the Bahamas is poised to rubber-stamp three offshore exploration licenses," read a report from a U.K. newspaper. "BPC jointly holds the Zapata, Islamorada and Falcones licenses with StatoilHydro, of Norway. The group says that this would mean the first oil exploration in the area for 22 years." It comes as an oil territory dispute boils up, with the government staking its claim on territory over potentially oil rich fields lying beneath a disputed area with Cuba and the U.K. It is also now awaiting a response before plotting its next move. Foreign Affairs Director General Joshua Sears told Guardian Business in an earlier interview that discussions with the government of Cuba - the main player - took place last year and The Bahamas' counter proposal to that nation's claims was submitted. "Nothing has substantially changed since then," he said then. "That was the second round of talks held and we expect a third and then a final round before there is a conclusion, but it depends on what their counter-proposals are and how far apart. "As you know negotiations involved properly addressing counter-proposals and it goes to the Cabinet of The Bahamas." Hinged on these negotiations are whether oil license partners BPC and Statoil will be granted approval for oil exploration in the southwest Bahamas — in the same area that Cuba has granted approval for oil exploration.
Monday February 08, 2010 |
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