PHILIPSBURG--Exploration for crude oil on the Saba Bank, the largest submarine atoll (coral island) in the Atlantic Ocean, has moved a step forward with the board of Saba Bank Petroleum Resource N.V. taking the decision to allow Emerald Petroleum, a small oil drilling company, to begin the search.

About one-third of the Saba Bank lies within Saba territorial waters, 12-nautical-mile (22 km) zone, while the remaining two thirds fall within the limits of the Economic Fisheries Zone (EFZ) of the Netherlands Antilles.

The Saba Bank company, headed by parliamentarian William Johnson, met on St. Maarten Saturday. Ahead of the meeting, Johnson told the press the decision of the board would be a positive one so the work can start.

The decision of the board has to be followed up by the shareholders of the Saba Bank – the Central Government and the Lt. Governors of Saba, St. Maarten, and St. Eustatius. The three islands have equal shares in the company, which was started in 1975.

Johnson said the Saba Bank company had asked several other large oil exploration companies to consider exploring the bank, but these have not shown interest in the job. With oil price continuing to increase, and new sources of oil being sought, the Saba Bank is seen as ripe for exploration.

St. Maarten is represented on Saba Bank Petroleum Resources N.V. board by former finance minister Frank Mingo and former Island Councilman, Commissioner Edgar Lynch.

Saba is represented by Johnson and Island Councilman Rolando Wilson. St. Eustatius' interests are overseen by Commissioner Roy Hooker. The Central Government of Netherlands Antilles is also represented on the board.

Commenting on another company owned by the three islands - utilities company GEBE - Johnson said if there continues to be squabbling about how to move forward with the company in the new constitutional status, St. Maarten can trade its share in the Saba Bank for those of GEBE on Saba.

He said it does not matter if St. Maarten or Saba becomes independent in the future, the people of the island will remain together.

According to Wikipedia, Saba Bank's north-eastern side lies about 4.3 kilometres (km) southwest of Saba. It is raised about 1000 metres above the general depths of the surrounding sea floor. With a length of 60 to 65 km and a width of 30 to 40 km, the atoll's total surface area is approximately 2200 square km, as measured from 11-200 metre depth, 1600 square km of which is shallower than 50 metres.