NASSAU, BAHAMAS The Bahamas National Trust (BNT) said Bahamas Petroleum Companys (BPC) unfruitful oil exploration exercise should serve as a turning point for this nation to focus on working towards a future that embraces sustainability and renewable energy.

The BNT said in a statement that it is reassured to hear that no commercial volumes of oil have been discovered during this exercise, and that the company will cease its activities in this area.

The BNT is pleased to hear no incidents occurred in the drilling process and hopes the abandonment procedure goes well, without incident, the BNT stated.

The BNT believes this should be a turning point for The Bahamas, where we unite and focus on working together for a future that embraces sustainability and clean, renewable energy.

BNT Executive Director Eric Carey said:This was a risky endeavor, and the results of this operation have proved that there werent economically viable quantities of oil in that location.

What we do know is that we do not need extensive research to verify that our marine environment and its associated resources contribute some $8 billion annually to our economy.

According to the BNT, with the prime minister and other government officials having stated that they do not support oil exploration in The Bahamas, the results of BPCs oil exploration now afford the country the opportunity to review and extinguish any existing or expired seabed leases for the purpose of oil exploration.

The BNT is now encouraging every local NGO and Bahamian citizen who has made their voices heard on this matter to remain vigilant.

Even though BPC has shared that this well will be abandoned, they have also indicated that this does not signal the end of their activity in The Bahamas, the BNT said.

The BNT strongly supports the inspiring advocacy from local organizations and individuals who have made their voices heard on this matter and all other environmental matters that affect our future. The BNT especially commends the work of coalition Our Islands, Our Future, who have tirelessly worked to bring people together and take action on this matter.

We must continue pressing onward, marching together to a common loftier goal a goal that moves us toward a sustainable future in the face of a changing climate.

Earlier this week, BPC announced that it had not found commercial quantities of oil and had abandoned its exploratory drilling after its well came up largely dry. The companys stock took a nearly 70 percent hit as a result of the long-awaited announcement.

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BNT: BPC oil exploration failure should be turning point to embrace sustainability and renewable energy - EyeWitness News