NASSAU, Bahamas – The Bahamian government has opted to defer any referendum on future oilfield development in the Bahamas until after exploration drilling has been completed.

Bahamas Petroleum Co. (BPC), which has been planning to drill offshore the islands for the past few years, welcomed the decision. In a statement, the company said that the government had demonstrated a responsible approach both to the industry and to potential future investors.

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This is an excerpt from Offshore Magazine as it appeared on March 15, 2013. For updates or to read the current version of this post in its entirety, please click here.

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The government is “cautiously optimistic” that the economy has turned a corner and can now expect a return to consistent gross domestic product (GDP) growth in the short to medium term, according to Khaalis Rolle, Minister of State for Investment in the Office of the Prime Minister.

His announcement came Thursday during the Bahamas Chamber of Commerce and Employers Confederation’s Meet the Minister session, a monthly event.

This was the second such meeting.

Foreign direct investment (FDI) continues to be a major driver of The Bahamas’ economy, particularly in the tourism sector, said Rolle. Grand Bahama also has a burgeoning industrial sector led by FDI, he added.

According to Moody’s credit rating agency, The Bahamas’ 27 per cent gross FDI ratio led Latin America and the Caribbean region in 2012.

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Addressing a group of leading businessmen last week, Ryan Pinder, Minister of Financial Services, with the portfolio inclusive of trade and industry, said that “the government of The Bahamas remains committed to manufacturers.”

“We proved that coming into office with the amendment to the Industries Encouragement Act and Tariff Act, which I know fundamentally helped many of the businesses represented here today.”

Pinder made the comments at the Light Manufacturers’ Association general meeting March 8.

Focusing on The Bahamas accession to the World Trade Organization (WTO) and Economic Partnership Agreement (EPA), Pinder highlighted the opportunities that exist for Bahamian industries to expand beyond the local market.

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The Bahamas’ renewed efforts for captive insurance business did not go unnoticed at the annual Captive Insurance Companies Association (CICA) International Conference, which took place March 11-12 in Palm Springs, California.

Representatives from the Bahamas Financial Services Board (BFSB) and the Insurance Commission of the Bahamas (ICB) attended the event which attracted nearly 400 individuals representing captive managers, captive owners, captive domiciles, actuaries and accounting and legal professionals.

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The government is preparing to put in place legislation to permit exploratory drilling for oil in Bahamian waters, with a general referendum planned for 2015.
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Prime Minister Perry Christie yesterday announced plans to celebrate the 40th Anniversary of Independence, with the unveiling of an official logo and a ceremony in Rawson Square, Nassau.

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Bahamas Petroleum Corp chief executive officer Simon Potter has welcomed the government’s clarification of the way forward for the industry, as responsible exploratory drilling will provide the data to inform future decision making, he says.
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Prime Minister Perry Christie delivered the keynote address to officially open the 4th Bahamas National Agricultural, Agribusiness and Marine Resources Expo 2013, March 7, at the Gladstone Road Agricultural Centre.

New York, NY (PRWEB) March 12, 2013 — Michelle Miller, Correspondent and Anchor for CBS News Programs and Recipient of the National Association of Black Journalists’ Award of Excellence, Is Mistress of Ceremonies at the March 21 Celebratory Luncheon in New York City.

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