‘DEAD IN THE WATER’: Davis’ public lashing effectively kills BPL’s rate reduction bond, says minister

Halkitis: But the loan, which is coming due, still has to be paid NASSAU, BAHAMAS — Economic Affairs Minister Michael Halkitis said yesterday that Bahamas Power & Light’s (BPL) rate reduction bond (RRB) is effectively “dead in the water” given Prime Minister Philip Brave Davis’ scathing criticism of the process during an address in Parliament […]

BARELY SURVIVED: Expanded portfolio saved oil company after failed exploratory well, says exec

“We had hoped for ‘instant gratification’ with Perseverance #1, which was not the case” NASSAU, BAHAMAS — Challenger Energy executives said the company’s share price has declined markedly after it was revealed that its exploratory well in The Bahamas did not result in a commercial discovery. The company, formerly known as the Bahamas Petroleum Company […]

Police investigate Bimini shooting after party supporters clash

ALICE TOWN, BIMINI — Police are investigating a recent shooting that took place in Bimini following the Free National Movement’s drive-in rally yesterday. Last night, residents alleged there was a clash with Free National Movement supporters and Progressive Liberal Party supporters on a motorcade, following the event. Police released a statement on the incident this […]

“TAKE HEED”: Environmentalists argue permanent ban on oil drilling “absolute necessity” for The Bahamas

Our Islands, Our Future advises govt not to “flirt with an enemy of humanity” by leaving the door open for renewed oil drilling NASSAU, BAHAMAS — A coalition of environmental organizations and businesses has renewed its call for a nationwide permanent ban on oil drilling in The Bahamas, calling it an “absolute necessity” in the […]

UNDETERRED: Oil company still views Bahamas as ripe for investment after judicial review discontinued

NASSAU, BAHAMAS — Challenger Energy’s chief executive said the company’s confidence in The Bahamas as a reliable investment location has been reinforced after an environmentalist-driven judicial review was discontinued in court. The Supreme Court last week endorsed a consent order that effectively brought to an end a judicial review of the government’s approvals to the […]

THE NEXT CHAPTER: BPC raises near US $10M as company officially rebrands as Challenger Energy

NASSAU, BAHAMAS — Bahamas Petroleum Company (BPC) yesterday announced that it has officially changed its name to Challenger Energy Group PLC, a move that coincided with the company raising nearly $10 million through a share offering. According to the company, the name change was legally adopted yesterday as the result of its expanding commercial portfolio, […]

MIND YOUR BUSINESS: BPC fires back at “unsolicited foreign advice” to govt over license extension

NASSAU, BAHAMAS — Bahamas Petroleum Company (BPC) has fired back at a US-based non-profit that recently asserted the Bahamian government has full legal authority to deny the Bahamas Petroleum Company’s (BPC) request to review its licenses. BPC said in a statement yesterday it is “entirely spurious for foreign environmental groups to offer unsolicited legal advice […]

CHALLENGED: Govt has “legal authority” to deny BPC license renewal, says US non-profit

Earthjustice: Denying BPC not only within lawful authority of The Bahamas but also consistent with govt’s public opposition to oil drilling NASSAU, BAHAMAS — A US-based non-profit specializing in environmental law, Earthjustice, has asserted that the Bahamian government has full legal authority to deny the Bahamas Petroleum Company’s (BPC) request to review its licenses. The […]

SEEKING CLARITY: Oil drilling opponents claim BPC owes govt for license fees; call on company to clarify

BREEF head: BPC must sort out license fees before applying to renew But BPC new incoming CEO says oil company has “the right to extend” its licenses NASSAU, BAHAMAS — Oil exploration opponents have called for “clarity” of Bahamas Petroleum Company’s (BPC) license fees, while “vehemently” rejecting assertions by its chief executive that the company […]

BYE-BYE, BPC: Lombard Odier reportedly ditches £11M stake in Bahamas oil exploration project

NASSAU, BAHAMAS — As The Bahamas Petroleum Company (BPC) undertakes a “reset” and changes its name to Challenger Energy Group, PLC, one of its financiers has reportedly divested itself entirely of its stake in its Bahamas oil exploration project. According to a Responsible Investor report, Lombard Odier Investment Management (LOIM) has divested an £11.25 million […]

RESET: BPC CEO to step down as company rebrands to Challenger Energy Group, PLC

Commercial Director Eytan Uliel to replace Potter as CEO Company still seeking to drill another exploratory well after initial failure NASSAU, BAHAMAS — The Bahamas Petroleum Company (BPC) has undertaken a “reset” inclusive of a name change as well as changes to its board of directors and upper management, some two months after its exploratory […]

TIME TO END IT: Environmentalist urges govt to ban oil exploration and drilling indefinitely

reEarth president tells PM, who said he opposes oil drilling, it’s time to “put his money where his mouth is” NASSAU, BAHAMAS — A well-known environmentalist said yesterday that the time has come for the government to implement a ban on oil drilling and exploration. Sam Duncombe, reEarth president, was commenting on Bahamas Petroleum Company’s […]

“IT’S NOT OVER”: Environmentalist group renews concern over BPC oil drilling; claims drillship still nearby

NASSAU, BAHAMAS — Environmentalist group Our Islands, Our Future yesterday renewed concern over oil drilling activities in The Bahamas as it suggested Bahamas Petroleum Company (BPC)’s drillship is still “lurking” in Bahamian waters after its initial well activity has ceased. Following the controversial drilling of exploratory oil well Perseverance #1, BPC’s efforts ended in disappointment […]

Ferreira: BPC license issue now “water under the bridge”

NASSAU, BAHAMAS — Environment and Housing Minister Romauld Ferreira said yesterday that the government’s decision to follow through with its contractual obligations to allow Bahamas Petroleum Company (BPC) to explore for oil is “water under the bridge now”. Speaking in Parliament yesterday, Ferreira noted that Bahamians must and will decide the direction to be taken […]

NO MORE OIL: Environmentalists call for ban as oil explorer abandons disappointing test well

NASSAU, BAHAMAS — Environmentalists yesterday called for a full moratorium on oil drilling in this nation after Bahamas Petroleum Company (BPC) revealed that it has abandoned its exploratory drilling after having not found any commercial quantities. Casuarina McKinney-Lambert, Bahamas Reef Environment Educational Foundation (BREEF) executive director, told Eyewitness News that the announcement was a “breath […]

BPC financier expresses “regret” over oil exploration funding

NASSAU, BAHAMAS — As Bahamas Petroleum Company (BPC) continues to face strong opposition from local and US environmental groups, one of its financiers is now expressing “regret” over involvement in facilitating funding for the company’s offshore oil exploration activities. Lombard Odier, a Swiss private bank, in a brief response to Eyewitness News’ inquiries, said: “We regret […]