Challenger Energy Group, formerly The Bahamas Petroleum Company (BPC) is continuing its push to renew its oil exploration licenses and says that it is engaging with the government and various third-party consultants on monetizing its assets in the country through carbon credits.
The company informed shareholders in its just released 2022 annual report that in March, it had notified the government of The Bahamas of its intent to renew its oil exploration licenses into a third 3-year exploration period. This renewal remains pending.
“At the same time, the Group is engaging with the Government and various third-party consultants on a joint initiative seeking to monetize the asset via an alternative approach based around carbon credits,” noted Eytan Uliel, the company’s Chief Executive Officer.
Challenger Energy Group plc (LON:CEG) is a Caribbean and Atlantic margin focused oil and gas company, with a range of petroleum assets located onshore in Trinidad and Tobago, and Suriname, and offshore in the waters of The Bahamas and Uruguay.