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The carbonate banks of the Bahamas rest on volcanic basement. The banks formed in the Late Jurassic in shallow waters and are faulted and tilted in response to continued the subduction of the North American plate under the Caribbean plate.
Globalshift regards the stratigraphy of the Bahamas to preclude oil and gas potential onshore. There may be some potential offshore in deep waters and the Bahamas Petroleum Company is trying to kick start exploration with exclusive licences over a number of areas. It is also encouraging the government to introduce a new Petroleum Bill. However, the risk of failure is very high.
Globalshift.co.uk (source: Bahamas Petroleum Company)