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 […]

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 […]

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 […]

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 […]

ROUND TWO: BPC looks to continue oil exploration in The Bahamas for another three years

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 […]

“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 […]

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 […]

City of Coral Gables Commission calls for BPC’s licenses to be revoked; push for ban on offshore drilling in The Bahamas

NASSAU, BAHAMAS — Opposition to Bahamas Petroleum Company’s (BPC) offshore oil drilling activities continue to mount from within the United States and particularly neighboring Florida, with the commissioners of the city of Coral Gables having approved a resolution urging the Bahamian government to revoke the company’s offshore oil drilling licenses and ban offshore drilling in […]

BPC Perseverance Well #1 established as safety zone from ships and planes

NASSAU, BAHAMAS — The government has tabled new regulations to the Petroleum Act, 2016, that establishes the area around the Bahamas Petroleum Company’s (BPC) exploratory oil well near Andros a safety zone and a prohibited area. The Petroleum (Operation of Facilities) (Safety Zone)(Regulations), 2020, which was made on December 24, 2020, establishes a safety zone […]

BPC chief slams “half-baked” insurance policy allegations

NASSAU, BAHAMAS — Bahamas Petroleum Company (BPC) yesterday again fired back at what it called “a series of half-baked allegations” regarding its insurance policies for its drilling activities, noting that by April The Bahamas will know whether it is an oil-rich nation. BPC CEO Simon Potter said in a statement yesterday: “International and local environmentalist […]

NGO calls on BPC to “come clean” on unpaid licensing fees

NASSAU, BAHAMAS — Joseph Darville, chairman of Save The Bays (STB), one of two organizations granted leave for judicial review proceedings against Bahamas Petroleum Company’s (BPC) exploratory oil well, yesterday called on the company to “come clean” about its unpaid license fees. “We condemn BPC CEO Simon Potter’s flippant response to the very serious revelation […]

US business leaders call for stop to oil drilling in The Bahamas

NASSAU, BAHAMAS — International opposition to Bahamas Petroleum Company’s (BPC) oil exploration in The Bahamas continues to mount as several US business leaders are now urging the government to put a stop to offshore oil drilling. According to the Our Islands, Our Future organization, having just seen the US federal government ban offshore drilling in […]

Bannister: Renegotiating oil deal royalties is in country’s best interest

DPM reiterates BPC deal is “airtight” But PLP chairman says Minnis administration must “man up” on issue NASSAU, BAHAMAS — Deputy Prime Minister and Minister of Public Works Desmond Bannister said renegotiating royalties in the government’s agreement with Bahamas Petroleum Company (BPC) would be in the best interest of the Bahamian people. While appearing as […]

Oil drilling “absolutely against” this nation’s best interest, says climate change expert

NASSAU, BAHAMAS — Oil drilling is “absolutely against” this nation’s best interest as one of the countries most vulnerable to climate change, according to a local climate change expert and researcher. Dr Adelle Thomas, director of the Climate Change Adaptation and Resilience Research Centre at the University of The Bahamas (UB) and a senior researcher […]

BPC: Bahamians to learn in four to six weeks if Bahamas is “oil rich”

NASSAU, BAHAMAS — Bahamas Petroleum Company (BPC) said yesterday that Bahamians will likely learn within four to six weeks whether The Bahamas is an oil-rich nation. Supreme Court Justice Petra Hanna-Weekes yesterday granted applicants leave to seek judicial review of the government’s approvals for BPC to drill an exploratory well in Bahamian waters, ruling that […]