As previously advised by the Company, a new Petroleum Bill and suite of associated Regulations is progressing through the Bahamian House of Assembly via a first reading in December 2014 and a second reading and debate phase that was commenced on 21 May 2015.
Following a procedural request by the Leader of the House of Assembly various amendments tabled by the Minister for Environment and Housing at the time of the second reading in a separate document were deemed necessary to be consolidated into the draft Bill. As a result the suite of legislation as initially submitted in December 2014, now inclusive of the proposed amendments, has been formally resubmitted to the Bahamian House of Assembly. The second reading debate has been delayed to allow for this, but is expected to resume in the near term. Thereafter, the process for passage into law remains as previously indicated: a third reading and vote by Members of the House before passage to the Senate for their consent and thereafter the Governor General's assent.
The Sovereign Wealth Bill process and contents remain unaltered.