The Tribune

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

The Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) chairman yesterday said failing to permit exploratory oil drilling risked “leaving money on the table at a time when the country can least afford to do so”.

Essentially backing the Government’s decision to permit the Bahamas Petroleum Company (BPC) to determine whether commercial quantities of oil lay in Bahamian waters prior to a referendum vote, Chester Cooper said this nation needed to know whether the industry was “feasible or not”.

Pointing out that the Bahamas had not launched a new industry for 50 years, the BCCEC chair said the organisation aimed to boost public education and dialogue by holding an Oil Conference later in 2013.

Mr Cooper said: “Fundamentally, we do not believe that we need a referendum to determine whether to explore whether a new industry is feasible or not.

“We have not created a new industry in the Bahamas for 50 years. We do not know for certain whether commercial quantities of oil exist in the Bahamas. We’re simply saying that we must find out.

“Doing otherwise, we risk the potential of leaving money on the table at a time when the country can least afford to do so.”

Noting the concerns over oil exploration, Mr Cooper said: “We acknowledge that this has become a fairly emotive issue and assure the public, the business community and the tourism industry that we are not advocating a disregard for environmental concerns.

“We are saying the approach must be sober, deliberate and pragmatic. Should we establish that it is a viable industry, we must ensure that industry best practices and precautions are in place.

“A successful industry pre-supposes responsible development in line with the national development plan of the Bahamas. Such a plan, if created with cross-sector, bi-partisan participation, will create a road map for the Bahamas so that we can systematically chart the future of our economy and our country generally over the next 50 years.”

Mr Cooper was commenting after the Government on Sunday confirmed will allow exploration wells to be sunk ahead of a referendum.

Environment Minister Kenred Dorsett said the administration has determined that “we need to find out first, through exploration drilling, whether we do indeed have oil in commercially viable quantities”.

He added that if there was no oil, “then obviously it would be completely pointless, and a shameful waste of public finds, to have a referendum on the matter.

“Further, if during the course of licensed exploration activities, commercial quantities of oil are, in fact, discovered in our waters, we would then engage the Bahamian people in an extensive public information programme to ensure that all important facts are laid before the people for their consideration and discussion, well in advance of a national referendum on the matter.”