3.750
%
Positive
19
mm boe
0
%
The Bahamas is still in its infancy as hydrocarbon province, but its development is underway. Despite recent drilling disappointment, the region remains attractive, albeit in the medium to longer term.
May 3, 2024
Caribbean
mm bbl
bcf
A chain of islands in the North Atlantic Ocean, southeast of Florida, northeast of Cuba
Concession
While the Bahamas has no track record in O&G tax management, we believe that the government will leverage its experience in general taxation, which should be a positive.
The Bahamas maintains an open investment climate and actively promotes a liberal tax environment and freedom from many types of taxes, including capital gains, inheritance, and corporate or personal income taxes. The Bahamas does not offer export subsidies, engage in trade-distorting practices, or maintain a local content requirement. The absence of transparent investment procedures and legislation continues to create barriers to entry and headwinds for a number of corporates. Companies report that business dispute resolution often takes years and debt collection can be difficult, even with a court judgment. Companies describe the approval process for FDI and work permits as cumbersome and time-consuming, although the government has voiced plans to streamline the process.
Source: ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data.
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