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BPC shares jump on new energy legislation

Shares in Bahamas Petroleum Co PLC jumped higher on Thursday after the company said a new Petroleum Act and a set of associated regulations have been put before the Bahamas Parliament. 

Source:
Date:
Updated:
Author:
London South East
Thursday, December 18, 2014
Thursday, December 18, 2014
Sam Unsted

[Note: Any reference to stocks, funds, investment and its underlying recommendation does not reflect the opinion of The Bahamas Investor or any of its contributors.]

LONDON (Alliance News) – Shares in Bahamas Petroleum Co PLC jumped higher on Thursday after the company said a new Petroleum Act and a set of associated regulations have been put before The Bahamas parliament.

In addition to the Petroleum Act, a Sovereign Wealth Act has also been proposed in order to provide a legislative framework to ensure any wealth from successful oil exploration activity will be invested, conserved and used for the benefit of the residents of the Caribbean island.


The acts, Bahamas Petroleum said, have been entered in order to make hydrocarbon exploration an “integral part” of energy policy in The Bahamas.

Simon Potter“The fact that the act and regulations are now before the parliament demonstrates the government’s continuing commitment to the future of petroleum exploration in the Bahamas,” said Bahamas Petroleum Chief Executive Officer Simon Potter.

“The ratification of the act and associated regulations will go a very long way to ensuring the Bahamas is an attractive place for companies from within this internationally competitive industry to maintain and increase capital investment,” Potter added.

This is an excerpt from London South East as it appeared on December 18, 2014. For updates or to read the current version of this post in its entirety, please click here.

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