The Mineral Industry Of The Islands Of The Caribbean - Bahamas

The impact of mining activities on the economy in both 1983 and 1984 was minimal. The most recent available data on the gross domestic product (GDP) indicated a level of $1.6 billion in 1983.2 The estimated value for the production of cement, aragonite, and salt was about $17 million in that year, down from the estimated $20 million in 1982. No data are available on the economic impact of the large petroleum refinery at Freeport on Grand Bahama Island, but it represents the major mineral-related activity. Cement production remained at only a fraction of the 800,000 tons per year of plant capacity. The offshore search for hydrocarbons continued in 1984, and some companies were about to enter the third year of seismic and geological surveying around Andros and Grand Bahamas Islands. Getty Oil (Bahamas) Co. Inc.; Breoco Ltd., a subsidiary of REO Development Corp. of Tulsa, Oklahoma; and Natomas Petroleum (Bahamas) Ltd. were the first companies to be awarded exploration licenses. These companies were committed to drilling at least one well before the end of the third exploration year. Other companies actively engaged in exploration included Exxon Corp., Atlantic Richfield Co. (ARCO), Chevron Oil Bahamas Ltd., and Esso Oil Bahamas Ltd. Geophysical Services Inc. (GSI) of Dallas, Texas, and Petroleum Services (Bahamas) Ltd. of Englewood, Colorado, ran another seismic survey line during 1984. This 1,533-mile line was in the Great Bahama Bank and Cay Sal Bank areas off the southeast Florida coast, and tied in with a 4,530-mile program GSI ran in 1981-82. These surveys were nonexclusive and publicly available through GSI.