A petroleum company remains confident that The Bahamas could prove to be an untapped well for oil and gas discoveries, although decades of sporadic explorations have met with negligible success.

“The potential for supergiant fields is present, possibly half a billion barrel fields and greater,” says Dr Paul Crevello, Bahamas Petroleum Company Plc (BPC) chief operating officer.

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Winterbotham Trust Company Ltd founder Geoffrey Hooper established the financial services firm in 1990, after spending many years in banking in Spain and Latin America. It was while working in Uruguay for Lloyd’s Bank that the banker saw an opportunity to branch out on his own, initially targeting two niche markets: back office accounting and basic banking services.

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In an effort to bring investors the most relevant, up-to-date and easily accessible information about living and working in The Bahamas, Etienne Jr Dupuch Publications Ltd has completely overhauled The Bahamas Investor magazine’s website thebahamasinvestor.com.

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The new, state-of-the-art, $30-million Thomas A Robinson National Stadium is nearing the final phase of construction, according to project manager and former Bahamas National team sprinter Iram Lewis.

“Considering the official groundbreaking ceremony only took place in July 2009, it is incredible how far we have come in such a short space of time,” he says.

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With little fanfare, classes began January 10 at The College of The Bahamas’ (COB) new $10-million Northern Bahamas Campus (NBC) in east Grand Bahama.

The 50-acre development is a part of the 220 acres granted to the college by the Grand Bahama Port Authority.

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Conference participation has become a proven and effective strategy for the Bahamas Financial Services Board (BFSB) to have direct interaction with decision makers, as well as presenting the overall depth of the Bahamas financial services industry. Last year was no exception, with BFSB and many of its members involved in no less than 20 events around the world.

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On January 1, 2011, the Employers Confederation (BECon) and the Bahamas Chamber of Commerce (BCOC) consolidated to form one organization.

The new entity, called the Bahamas Chamber of Commerce and Employers Confederation (BCCEC), became the only national private sector advocacy organization whose membership is open to all employers and businesses in The Bahamas, regardless of size or sector.

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The Central Bank of The Bahamas has wrapped up its consultation period on proposed amendments to its risk management policy for licensees.

Financial institutions had until December 3, to submit comments or questions to the Policy Unit, Bank Supervision Department, on the proposed amendments to the Guidelines for the Management of Large Exposures.

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Several key pieces of legislation to go before government in the near future are set to keep The Bahamas’ financial services sector competitive in an increasingly sophisticated marketplace, according to Bahamas Financial Services Board (BFSB) chief executive officer Wendy Warren.

In line with a multilateral memorandum of understanding with the International Organization of Securities Commissions (ISOCO), The Bahamas is looking to enact a Securities Industry Act, which Warren claims will allow the industry to be more responsive to business demands. The act is a “major undertaking for The Bahamas and will provide for a number of rules and regulations to meet changes in the marketplace and regulation,” she adds.

Amendments to the Trustee Act to be considered by the government will help modernize the groundbreaking legislation, which has formed a template for similar provisions adopted by other jurisdictions.

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As the new $30-million Thomas A Robinson National Stadium in the heart of New Providence enters the final stage of construction, the Ministry of Youth, Sports and Culture has signed-off on a master plan to develop the surrounding 450-acre plot, which it also owns.

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