It would be a “crying shame” if the Bahamas simply sat back and allowed potential oil revenues to just “sit out there”, a Cabinet minister said yesterday.

Fred Mitchell, minister of foreign affairs, during his contribution to the debate on the revised Petroleum Bill and Sovereign Wealth Fund Bill, said the new legislative regime would ensure there is proper oil exploration in Bahamian waters.

“It is perceived that for another 100 years fossil fuels will still be an important element in the energy mix of every country. It’s not going to disappear. If we have some and it’s going to make it cheaper for our people to live here and improve their lives, we would be foolish to ignore it. Yes, we know the risk,” said Mr Mitchell.

  “I think that oil is problematic, there is no question about that, but I think that we have shown, all governments, that there is a balance to be struck. As you move forward, this legislation would put in place a regime that would ensure that there is proper exploration, that revenues are due to the Government, and that the Government would also see to it that for its citizens their wealth improves and the country develops.”        

The Government brought the required legislative package to the House of Assembly for its first reading earlier this year, but cut the debate short because Opposition MPs complained they had not been presented with a revised Petroleum Bill draft containing 12 changes to the original.

The Petroleum Bill is the key piece of legislation, as it establishes the legal basis for oil exploration in Bahamian waters, plus a regulatory framework that will govern the wider oil/energy industry.

“It would  be a crying shame if we allow a revenue source which can be properly managed to sit out there and not tap into that resource,” said Mr Mitchell.