| Bahamas Petroleum told investors that Bahamas Governor General will now receive the bills for signing and they will subsequently be passed into law. Attorney General and Minister of Legal Affairs Senator the Hon. Allyson Maynard-Gibson said the two bills presently before the Senate will align the Bahamas’ petroleum industry with 21st century international best practices and prepare Bahamians to benefit more from oil exploration, providing commercially viable quantities are discovered.
The new legislation, which provides an upgraded and modernised framework for petroleum operations in the Bahamas, will be known as the Petroleum Act and the Sovereign Wealth Fund Act. BPC said the Sovereign Wealth Fund Act was designed to ensure accrued wealth from exploration success and subsequent development could be optimally invested, managed and conserved...............................................Full Article: Source
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