Yes Prime Minister, I concur that the current law (The Petroleum Act) is inadequate. There is a need for revised and additional oil/petroleum regulations. But, who represented the Government (the interests of the Bahamian people) during the meetings with the oil company?
There are two issues: first the environmental impact: A layman’s look at the current Petroleum Act, indicates amendments are needed. The Act concentrates on the oil rig but does not mention the transportation of oil “supertanker”. The two largest disasters were different in that BP’s disaster ($40 billion and counting) was at the oil rig and Exxon Valdez’ disaster ($4.3 billion) involved a supertanker. Second, the economic impact: some Bahamians believe that the economic impact is immediate that is, the public treasury will be flowing with surplus revenue. Others believe that the price of gas at the pumps will plummet and still others believe that the cost of electricity will at last become acceptable. Sir, what do you say?
Other questions about the agreement: if oil is found, how long before we (Bahamians) feel the positive financial impact?
Will the oil, like our salt, be exported as a raw product and later imported for our consumption?
Does the agreement involve the refining of the oil in The Bahamas?
And if yes, will the oil refined in The Bahamas be labeled for export only or will it be used locally?

Ladies and Gentleman, This is the last frontier of a visionless FNM/PLP governments attempt to revitalize our one trick pony economy. Let us all thank the DNA for bringing this issue to the forefront when both relic parties where trying to remain silent on it during this election period. Hoping to not have any public debate on what is probably the most important economic issue in a generation.
The duplicitous FNMs Dear Maximum Leader is once again talking out both sides of his mouth. All reasonable people familiar with his agile ability to pivot on the issue when instructed by his true masters know if he's able to renegotiate an oil deal to replace the PLP players from the stage with his usual suspect financial benefactors he’s going to flip flop faster than fish out of water and be all on board with the idea of oil rigs dotting the horizon like it was his in the begining.
My questions are similar to Arob can we responsibly exploit this valuable resource to the benefit of all Bahamians or will this just be another boon for the foreign investor and the wealthy local traditional merchant class who merely act as facilitators of it’s exploitation. Nothing would be more tragic than like many Third World dictatorships only a handful at the upper crust see any real economic value from it; while the masses of people languish under the yoke of back breaking high electrical and gas prices.
Above all things this is the real reason The Dear Maximum Leader is still seeking public office one last lap, to be able to redirect the potential financial windfall from oil proceeds in the favour of his financial benefactors. Similar to his promises and insinuation to end plethora of PLP deals in ’97 only to implement many of the same things he railed against after the disastrous Stop, Review and Renegotiate in our favour policy got him caught with his pants down when the Great Recession hit us broadside.

Sorry meant to say '07 not '97

Arob you have put forth some good faith, reasonable and mature questions. They are exactly the type of questions one would expect from an informed and responsible citizen. I believe that it is important, especially when dealing with complex national or international issues, for our citizens and even more so our politicians to be measured, accurate and honest. PhilosopherKing has asked us to thank the DNA for bringing this issue to the forefront, and I ask thank the DNA for what? The DNA has been anything but measured, accurate or honest on this issue. Instead of focusing on this important and complex issue in a substantive and constructive manner, the DNA has instead attempted to gain political mileage, stirring up controversy with misstatements, inaccuracies, personal attacks and conspiracy charges with absolutely no supporting evidence. In fact from the post of PhilosopherKing above, I am not sure whether the writer just abhors and dislike the PM that much or whether he is simply using a page out of the DNA playbook on this issue in using the old debate trick of personal attacks when the facts are not on your side. On the issue of oil drilling, it would same to me that the actual positions of the DNA and PLP are quite similar, in that both parties are for drilling now. The facts are that it was the PLP that issued the license to BPC under the terms of the outdated legislation put in place under the Pindling government in 1971 and it is the PLP that appear to be conflicted on this issue. The FNM implemented a moratorium in 2008 on drilling to amongst other things ensure a comprehensive review of our regulatory, legislative, environmental, financial and tax structure and to provide greater public consultation on this substantive and complex issue. The moratorium effectively suspended the license of BPC and is still in place; however, from the perspective of BPC they still believe they have a valid contract and license. This creates an obvious tension and conflict between the interests of BPC and the government on a very complex and important national and international issue, in which every Bahamian is a stakeholder. Let's not further complicate it by gratuitously politicizing the issues.