South America / GoM

Bahamas flag
Summary | Profile

Country profile: Bahamas

Location: Caribbean, chain of islands in the North Atlantic Ocean, southeast of Florida, northeast of Cuba
Climate: tropical marine; moderated by warm waters of Gulf Stream
Terrain: long, flat coral formations with some low rounded hills
Size: 13940 sq. km total (Land area: 10070 sq. km  Water area: 3870
Population: 307,451
Languages: English (official), Creole (among Haitian immigrants)
Government: constitutional parliamentary democracy
Capital city: Nassau
Legal system: based on English common law
Currency: Bahamian dollar (BSD)

Country profile

Lucayan Indians inhabited the islands when Christopher COLUMBUS first set foot in the New World on San Salvador in 1492. British settlement of the islands began in 1647; the islands became a colony in 1783. Since attaining independence from the UK in 1973, The Bahamas have prospered through tourism and international banking and investment management. Because of its geography, the country is a major transshipment point for illegal drugs, particularly shipments to the US and Europe, and its territory is used for smuggling illegal migrants into the US.

Energy production and consumption

Oil Gas
Consumption: 26,000 bbl/day (2005 est.)  
Exports: 41,290 bbl/day (2004)  
Imports: 68,250 bbl/day (2004)  
Major fields:

Bahamas - recent news

21 Feb 23
Bahamas: Equinor sells its oil terminal in the Bahamas
Equinor has entered into an agreement with Liwathon for the sale of the Equinor South Riding Point oil terminal at the Grand Bahama Island in the Bahamas. The terminal was purchased by Equinor in 2009 to enable the company to trade oil primarily originating from the American markets.
16 Aug 21
Bahamas: Challenger Energy reports conclusion of Bahamas legal process and provides update on Perseverance-1 well
Challenger Energy has provided an update on the Perseverance-1 well which was drilled earlier this year in the territorial waters of The Bahamas. The Company is currently seeking a farm-in partner for the next phase of activity in The Bahamas.
24 Mar 21
Bahamas Petroleum provides high-impact exploration update
BPC, the Caribbean and Atlantic margin focused oil and gas company, with production, appraisal, development and onshore and offshore exploration assets across the region, has provided an update on its high-impact exploration assets in The Bahamas and Uruguay.
08 Feb 21
Bahamas: Bahamas Petroleum completes drilling of Perseverance-1 well in The Bahamas
Bahamas Petroleum has completed drilling of the Perseverance-1 well in The Bahamas. Whilst the well encountered oil, indicated from LWD tools, gas chromatography and mud logs, commercial volumes of oil have not been proven at this well location.
25 Jan 21
Bahamas: Bahamas Petroleum provides update on court process in The Bahamas
Bahamas Petroleum has provided an update on judicial review proceedings in respect of various decisions taken by the Government in relation to BPC's licences in The Bahamas. Drilling of the Perseverance-1 exploration well in The Bahamas has been underway since 20 December 2020

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