Further delay to passage of Bahamian Petroleum Bill

Bahamas Petroleum Company has issued a further update on the new Bahamian Petroleum Bill and associated regulations.

May 28th, 2015

Offshore staff

DOUGLAS, UK - Bahamas Petroleum Co. has issued a further update on the new Bahamian Petroleum Bill and associated regulations.

A second reading/debate phase started last week but has been temporarily suspended. This follows a procedural request by the leader of the Bahamian House of Assembly, as various amendments tabled by the Minister for Environment and Housing in a separate document were deemed necessary to be consolidated into the draft bill.

As a result the suite of legislation has been formally resubmitted to the House of Assembly. Once the second reading debate resumes, a third reading and vote by Members of the House should go ahead as planned, followed by passage to the Senate for consent and thereafter the Governor General's assent.

The Sovereign Wealth Bill process and contents remain unaltered.

Simon Potter, CEO of Bahamas Petroleum Company, said the delay would allow for a more efficient debate. “We expect the second reading of the legislative package to resume and conclude in the coming weeks.

05/28/2015

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