by Richard Coulson
The ineffable Ms. Sam Duncombe has proclaimed that she is “more than irritated” by Government’s decision to extend to year-end 2020 Bahamas Petroleum Company’s (BPC) license to drill an exploratory well on its concessions southwest of Andros. The President of activist group Re-earth has often expressed her implacable “NO” to drilling in Bahamian waters. Together with fellow environmental extremists, she cites an apocalyptic risk of oil-spills fouling our beaches and destroying our tourist-based economy.
This time, she simply accuses Government of being “duplicitous”, since we had “been told that there would be absolutely no oil drilling”. In fact, no such promise was as ever made or even implied. As far as ten years ago when licensees were first negotiated, Government recognized that they might someday lead to actual production, for the benefit of both BPC and the State.
Ms. Duncombe is concerned that by granting this extension, Government will be distracted from a higher mission to develop renewable energy. However dilatory the authorities may be in exploiting solar or wind power, they are not in any way hindered by a new fossil fuel license to BPC. That company alone, with any farm-in partner, will be spending the time and money, not our Treasury or public ministries.
The lady’s long and respected efforts to protect our environment are undermined by her misunderstanding of history and the use of alternative resources.
Mr. Coulson has had a long career in law, investment banking and private banking in New York, London, and Nassau, and now serves as director of several financial concerns and as a corporate financial consultant. He has recently released his autobiography, A Corkscrew Life: Adventures of a Travelling Financier.
