NASSAU, Bahamas, CMC – The Bahamas government has indicated that it will most probably hold a referendum on oil development during the latter part of 2015, if present exploration efforts prove that there is sufficient oil to economically transform the country “for many generations to come”.
“Estimates suggest that exploration data, sufficient to answer the question of whether we have petroleum reserves in commercially viable quantities, would probably not be available until the latter part of 2014 or early 2015.
“Therefore, allowing for the public consultation process ... it is unlikely there would be any referendum on the oil development question before the second half of 2015,” said Environment and Housing Minister Kenred Dorsett.