The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmkckenzie@tribunemedia.net

THE regulatory framework to govern The Bahamas’ petroleum sector will be a “priority” in 2014 according to a key Cabinet minister, who told this newspaper, “We’re just fine tuning what we have”.

Environment and Housing Minister Kenred Dorsett told Tribune Business there is “no doubt about it” – the regulations will be a top priority on his ministry’s 2014 agenda.

Mr Dorsett explained that the government is looking to advance regulations that would be able to last for the next 50 years.

“We will be in a position to present something in 2014 there is no doubt about that. That will be a priority for 2014, absolutely,” said Mr Dorsett in a brief interview. The new petroleum regulatory regime was expected to have been completed by the end of the year.

“The regulations are pretty much there. I think we would have been advanced but one of the attorneys asked to have a look at another model just to do a comparative analysis. Everybody just wants to tighten it because we want to make sure that what we advance is going to be able to last for the next 50 years. We’re just fine tuning what we have,” said Mr Dorsett.

In a separate statement released on the matter Mr Dorsett said: “I fully understand the importance of such legislation to the country and thus will continue in my efforts to bring this legislation to parliament. This issue has been a top priority of my ministry and is on the agenda for the new year.”

The Government announced back in March that it would allow exploratory oil drilling to determine whether there are commercial quantities of oil in the Bahamas prior to any referendum.

Mr Dorsett at the time announced it was unlikely that there would be any referendum on oil exploration in the Bahamas prior to the second half of 2015.

The Bahamas Petroleum Company (BPC) was given five oil exploration licenses in April 2007, which were renewed for another three years in 2012.

The company has said that it has spent $50 million in the country, most of that on 3D seismic testing and has completed its environmental impact assessment (EIA).