The laws, which have been promised since the 2013 elections, will lay out the legislative framework needed for permitting and oversight of exploration drilling, as well as establish a sovereign wealth fund for any future revenues.
“It should be clearly understood that the new legislative regime will ensure that exploration for oil in the Bahamas will be undertaken in a safe and environmentally responsible manner, consistent with international standards, best practices and the most up-to-date risk management, health and safety protocols,” Kenred Dorsett, Minister of Environment & Housing, said when announcing the draft.
The
