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Economy & Business - February 2021

THE BAHAMAS: Mixed feelings over oil search failure

The Bahamas Petroleum Company (BPC) began drilling an exploratory well on 20 December 2020 amid a swirl of conflicting emotions. There were some who saw the hope of a major oil discovery as a potential boon for an economy that has been amongst the world’s hardest-hit by the coronavirus (Covid-19) pandemic, and there were some who saw the prospect as a threat to The Bahamas very special environment and thus to tourism, its most important (and currently struggling) industry. For now, at least, the controversy has been resolved: on 8 February, BPC announced that the exploratory well had not found commercial quantities of oil and would be abandoned.

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