The Bahamas government recently approved an oil exploration license for Bahamas Offshore Petroleum Limited, a subsidiary of an Australian oil exploration company with worldwide operations, Minister of Trade and Industry Leslie Miller announced last night.
Revenue from this venture is projected at $2 million over the next two years while the company conducts its seismic testing, he announced at the Progressive Liberal Party’s 49th national convention at the Wyndham Nassau Resort.
“Discussions are also ongoing to reestablish an ultra modern refinery in Freeport at the BORCO site,” he said. “This proposed 500,000 barrel per day refinery will require an investment of $2 billion, and will see the creation of 800 plus well paying full time jobs.”
Minister Miller assured that every precaution would be in place to ensure that the environment is protected.
He also announced that Oklahoma-based Kerr McGee has completed its seismic testing and was recently approved to create a joint venture with Talisman, a Canadian based company involved in worldwide oil exploration.
Combined, he said, these companies have assets in excess of $30 billion.
Minister Miller said revenue earned from Kerr McGee has exceeded $3 million to date, and if the company is successful in finding oil, the public treasury will receive between 12.5 percent and 25 percent of the revenue generated.
Turning to the progress on the re-building of the downtown straw market that was destroyed by fire in September of 2001, Mr Miller announced that a contract has been awarded to the E R Hanna Construction firm for the first phase of the building of the straw market.
“Work has commenced on the site, and we are anxious to see this project completed, so that our straw vendors will be able to serve out visitors in a safe and clean environment.”
Minister Miller had indicated to The Bahama Journal in an interview last August, that work on the market would start at the end of the year, but he said original price tag of $8.4 million had gone up to around $15 million.
Source: The Bahama Journal
