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* And cost potential $2.4bn jump in their value * BPC chief warns of Bahamas reputation hit By NEIL HARTNELL nhartnell@tribunemedia.net The Bahamas Petroleum Company (BPC) has warned that its "major $100m asset will be extinguished", thereby threatening its survival, if the Supreme Court halts its oil drilling activities. Simon Potter, its chief executive, revealed in a December 11, 2020, affidavit that it would be impossible for the company to apply for the renewal of its five southern Bahamian licences by the March 31, 2021, deadline unless it is able to complete its Perseverance Once explo...

* People's returns 'in the pits'; 'lowest on the planet' * Pledges to 'renegotiate' as explorer starts drilling By NEIL HARTNELL nhartnell@tribunemedia.net The attorney general yesterday said the Government could impose a new tax on Bahamas Petroleum Company (BPC) if it declines to renegotiate "abysmally low" royalty rates that are the world's poorest. Carl Bethel QC told Tribune Business the Bahamian people were in line to receive the lowest return of any nation on their country's potential natural resources as he blasted the former Christie administration for ignoring studies suggesting it ...

* Say PM's anti-exploration stance 'awfully late' * BPC shrugs off court threat with extra $20m By NEIL HARTNELL nhartnell@tribunemedia.net Bahamas Petroleum Company's (BPC) oil drilling ship will this morning likely face "a welcoming committee", as one activist charged: "The PM can shut the country down but not get out of a bad oil deal?" Sam Duncombe Sam Duncombe, reEarth's president, told Tribune Business that oil exploration opponents planned to greet the Stena IceMAX with protests - COVID-19 curfews and restrictions permitting - after the vessel docks in Freeport at "daylight" this morni...

RASHAD ROLLE Environmental activists spent the weekend celebrating after Prime Minister Dr Hubert Minnis revealed he is “totally against” oil drilling in Bahamian waters. In a statement which will have shocked Bahamas Petroleum Company, Dr Minnis also suggested the government would have backed out of a controversial oil exploration deal if it could have. “I am totally against oil drilling in our waters,” Dr Minnis told reporters on the sidelines of an event in Abaco on Friday. “Totally.” Attorney Fred Smith, who represents Waterkeepers Bahamas and the Coalition to Protect Clifton ...

* BPC confident 'no legal impediment' to plans * Activists confident in 'powerful' legal case By NEIL HARTNELL nhartnell@tribunemedia.net Activists yesterday argued The Bahamas is "paying lip service to the green and blue economy" in response to charges they have exposed their "true agenda" by seeking to block oil exploration. Bahamas Petroleum Company (BPC), firing back at the Judicial Review challenge initiated by Waterkeepers Bahamas and the Coalition to Protect Clifton Bay, sought to reassure shareholders that its first well will move ahead as planned by asserting "there should be no lega...