“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 […]
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 […]
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 […]
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, […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
Company seeking to renew four out of five exploration licenses covering 4 million acres in Bahamian waters NASSAU, BAHAMAS — Bahamas Petroleum Company (BPC) said yesterday that while its first exploration well did not result in the discovery of commercial quantities of oil in The Bahamas, it intends to exercise its right to renew four […]
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 […]
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 […]
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 […]
NASSAU, BAHAMAS — Hopes of finding commercial quantities of oil in The Bahamas have been dashed with Bahamas Petroleum Company (BPC) announcing that it has abandoned its exploratory drilling after its well came up largely dry. The company’s stock took a nearly 70 percent hit as a result of the long-awaited announcement. BPC has been […]
BPC seeking $200,000 security for exploratory oil judicial review NASSAU, BAHAMAS — Attorney General Carl Bethel said while he expected Bahamas Petroleum Company (BPC) to seek security for cost in an ongoing judicial review proceeding concerning approval to drill an exploratory oil well, the government will not go back on its decision to withdraw its […]
NASSAU, BAHAMAS — Bahamas Petroleum Company (BPC) has made an application to the Supreme Court seeking security for costs in the sum of $200,000 in light of the legal action launch by local environmental groups Waterkeepers Bahamas Limited and the Coalition to Protect Clifton Bay. Last month, Supreme Court Justice Petra Hanna Adderley ruled that […]
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 […]
