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Bermuda (also known as the Bermudas or Somers Isles) is a British Overseas Territory in the North Atlantic Ocean lying off the east coast of North America. Cape Hatteras in North Carolina is 1,070 kms to the west-northwest.

Spanish explorer Juan de Bermudez discovered (but did not land on) Bermuda in 1503 and mapped the archipelago. In 1609 the English Virginia Company permanently settled Bermuda and it was administered as an extension of Virginia until 1614 when the Somers Isles Company in Bermuda was set up.

The island was managed by this company until 1684 at which time the English Crown took over. Bermuda then became a British colony in 1707 when the UK was established.

After 1949 (when Newfoundland became part of Canada) the territory was ranked as the oldest remaining British Overseas Territory.

Bermuda's economy depends on offshore insurance and reinsurance, and tourism. The island is in the hurricane belt and prone to severe weather. It is partly protected by the surrounding coral reef.

The island archipelago of Bermuda consists of 181, mostly tiny, islands the largest of which is Main Island (Bermuda).

The archipelago was formed by high points on the rim of the caldera of a submarine volcano within North Atlantic oceanic crust that forms a seamount. A coral reef has developed on the edge of parts of this volcano.

Globalshift considers that this geology is not suitable for the generation and accumulation of commercial volumes of oil and gas.

Bermuda has no identified indigenous oil or gas resources, either onshore or offshore, and is unlikely to achieve any production in the future. No exploration wells have ever been drilled in the territory.

BERMUDA

Map and National Flag

NORTH AMERICA

Palm trees

North America

Bermuda

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Capital

Population

Land area (sq kms)

Oil prod (000s b/d)

Gas prod (bcm/yr)

Oil cons (000s b/d)

Gas cons (bcm/yr)

Statistics

Hamilton

0.06 mm

54

None

None

4.2

None

Brief history of the territory (UK)

Bermuda has limited self-governance with a Constitution that came into force in 1967. Executive authority is vested in the UK monarch and exercised by the Governor who is appointed on the advice of the British Government.

The head of government is the premier with a nominated cabinet. Defence and foreign affairs are carried out by the UK.

There is no department of government in Bermuda specifically responsible for oil and gas resources.

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