Bahamas turns to oil exploration in face of mounting debt
Skift Take
The sight of oil wells isn't the best thing for tourism, but absolute dependency on one industry doesn't look so hot either.
The Bahamas government approved offshore oil exploration as the island nation seeks new revenue to help reduce its debt burden, Environment & Housing Minister Kenred Dorsett said.
Exploration will probably begin this year to gauge if the archipelago contains enough oil to be commercially viable, Dorsett said in a statement yesterday. Oil estimates from the e
