Business
The Bahamas: Gov’t to approve offshore oil exploration
He said it makes sense to have the regulations in place and to determine if there is indeed offshore oil before going to the public for a vote. “Obviously, we are not going to have a referendum on a hypothetical proposition,” he said.
The private Bahamas Petroleum Company hopes to begin exploration in a block about 97 kilometers (60 miles) from from where the Russian company is drilling off Cuba, according to CEO Simon Potter. The company still needs to find a drilling partner but hopes to begin what will likely be a year-long exploration before the 2014 hurricane season.
“With today’s announcement, we have been granted the opportunity to do precisely that. And for that opportunity, we are genuinely excited,” Potter said.
Copyright 2013 The Associated Press
