Let me hit on this conversation again because in all of the Nations Problems - our Natural Resources whether discovered or not - continues to fly below the radar and stay out of public debate. BPC the oil company has an agreement with the government of The Bahamas. In this agreement there is a part which gave a deadline to begin to drill a first well. A failure to meet that obligation would be considered a breach of the agreement. The Minister Responsible has said that the 12.5% to 25% percentage agreement in which government will get is legally binding. So as a result, it means that a failure to meet the obligation agreed to would make the cancelling or altering of that percentage - legally binding. BPC the oil company was facing that deadline in April of 2012. Thanks to the former PM and his theatrics they got a legal reason to demand (which they did) an extension. They avoided the deal becoming void and the chances of The Bahamas getting a higher percentage or not having any drilling at all – became void. In July 2013 BPC announced to the world that the government of The Bahamas (the new one) had renewed the agreement and extended the drill deadline to April 2015. Which is 7 and a half months away. Yet another chance to “legally” cancel the deal completely or renew it with better terms as it relates to percentages on “oil and natural gas. Oil is 12.5% up to 25% based on production levels, natural gas is 12.5% across the board no matter the production level. – HIGHWAY RAPE NOW ACCORDING TO THIS Potter said indications are that the draft of the new regulations will be available for public consideration and consultation imminently, and that the adoption of those revised offshore regulations would trigger the formal execution of the licence renewal from the government and the confirmation of a revised drilling deadline, which he expected to be 12 months from renewal execution. BPC IS once again suggesting a legal right and SAYING that they will have 12 months from whenever the government passes the legislation to drill. SHOULDN’T WE BE SAYING to government to get that bill to the HOA and passed so that the chances of canceling or renewing the deal at a higher percentage becomes legally possible?
Posted on: Thu, 18 Sep 2014 22:19:50 +0000
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