National Congress of Trade Unions of The Bahamas (NCTUB) President John Pinder yesterday accused the government of "dragging its feet" on producing legislation that would enable the creation of an oil industry in The Bahamas.
Speaking at a press conference for the unveiling of the Bahamas National Citizens Coalition's (BNCC) 25-year national development plan, Pinder said the country's growth prospects largely hinge on the creation of a sovereign wealth fund (SWF) tied to the exploration of the country's natural resources, namely aragonite and oil.
"The government is supposed to have put some legislation in place for the drilling of oil. Although the oil prices on the global scene have reduced, we have not seen any reduction in our electricity bills. We are not satisfied that the government has brought economic relief," he said.
Pinder, who also serves as the president of the Bahamas Public Service Union (BPSU), accused the government of dragging its feet on the regulations and called for immediate action to be taken in exploring the country's natural resources.
Aside from his ongoing aragonite concerns, Pinder voiced his frustration with the delayed petroleum act and regulations, which would allow Bahamas Petroleum Company (BPC) to proceed with plans to drill an exploratory well near the Cuban border.
"The government, in my view, has been dragging its feet in trying to put legislation in place for the natural resources to be further exploited. As a result of that, we are losing millions of dollars each year," he said.
Minster of Housing and the Environment Kenred Dorsett has stated that the new petroleum act and regulations would be put to Cabinet before the end of the year amid growing frustration from BPC.
The company has invested an estimated $80 million over the past three years and is awaiting a more modernized regulatory framework before acquiring a "farm-in" drilling partner.

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