INDERIA SAUNDERS Guardian Business Reporter firstname.lastname@example.org Published: Jan 27, 2011 A local attorney is arguing a completely”green”Bahamas that could bring billions of dollars of revenue to the economy could be threatened by present moves to grant oil exploration licenses and subsequent drilling for that black gold.
As Paul Moss sees it, a national move in the environmentally-friendly direction could lead to benefits that could in turn lead to real sustainability in tourism; however, he noted that moves to allow oil exploration licenses may work contrary to that goal.
“If we make a commitment to be 100 percent green by 2020 or 2025, we are talking billions of dollars for the economy,”he toldGuardian Business.”When one looks at the industry itself it creates new industries[because]these green products will need to be repaired, need to be rebuilt . . . there are so many things you can make money from.
“Then tourists who come to the country will enjoy themselves and know they are not contributing to a hole in the Ozone layer. People are now making decisions on the most unorthodox things.”
He paints a picture of companies relocating their businesses to the country because of a 100 percent commitment to green living. It’s the kind of land, he said, many Bahamians would be proud to leave for their children and grandchildren.
Moss has already identified the current oil exploration agreements as challenges to achieving that goal, arguing it would be a complete paradox to green living.
“We have so many natural resources to protect,”he said.”It would be foolhardy in many respects to begin exploration for oil having the knowledge that many countries in the world have changed the way they think of oil exploration and are now against that.”
Whilethe government has suspended oil drilling in the country and isn’t considering removing that ban until further research is done,seismic surveys have recently begun for The Bahamas Petroleum Company’s(BPC)four southern licences in the country, with the possibility of more seismic information being obtained in the northern licence area in the future, according toCEO of the company Paul Crevello.
Seismic data was obtained by BPC last June, with Crevello calling the findings a surprise. The areas surveyed were dispersed and the results haven’t increased the 20 percent probability rate. The company subsequently reached out to Osprey Navigation to perform a close grid 2D seismic survey of the licensed areas, which cover over 3.1 million acres.
Crevello mentioned during his presentation at The Bahamas Business Outlook conference earlier this month that research conducted by independent consultants and firms revealed that the country has the potential for fields greater than 500 million barrels, and as much as one billion barrels of oil. That’s hundreds of millions of dollars in revenue that could also be a huge injection into the economy. A large amount of oil was found in Cuban waters, totaling more than 7 billion barrels of original oil.
Last Updated on Friday, 10 June 2011 03:27