In 2014 the Government of The Bahamas introduced a number of measures to modernize petroleum activities. The Petroleum Bill and Sovereign Wealth Fund were passed ensuring effective, modern petroleum exploration and funds management. The Petroleum Bill encourages foreign and domestic interest in petroleum exploration activates in The Bahamas and will govern the next phases of hydrocarbon exploration.
The Sovereign Wealth Fund establishes how the proceeds from petroleum will be used to benefit the economy. Managed by the Central Bank of The Bahamas, profit derived from oil, gas, minerals and other natural sources will be deposited into the fund. This mechanism ensures maximum revenue for the government, ultimately securing wealth for Bahamians now and for generations to come.
The Government of The Bahamas continues to carry out activities to regulate the downstream petroleum sector. This ongoing work will involve consultation from a variety of stakeholders to ensure petroleum refinery is efficient and environmentally conscious.