This story has been updated HERE.

PRIME Minister Dr Hubert Minnis today in Parliament admitted his administration made a number of missteps regarding the controversial $5.5bn Oban Energies deal proposed for Grand Bahama.

During his contribution to the mid-year budget debate, the prime minister said these missteps should not have happened, but did in the government's haste to boost the economy of the nation's second city.

He further announced that Oban's embattled non-executive chairman Peter Krieger has resigned from the company.

“Mr Speaker, my government committed to Grand Bahama and to the Bahamas to do all within our power to bring economic development and growth to Grand Bahama as a matter of urgency. This has been our focus at all times,” Dr Mininis said.

"We intend to fulfill this commitment. It is one of the keys to our overall growth as a nation. The Oban Energies LLC project was intended to bring growth and jobs to Grand Bahama. In our haste to boost the economy of Grand Bahama we made a number of missteps in the Oban Energies project.

“While our hearts were in the right place these missteps should not have happened.

“We must, we can and we will do better.

“We should have done more comprehensive due diligence,” he added.

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