Minister of Energy, Telecommunications and E-Commerce Terry Lister is looking to the sky for a new industry for Bermuda.

On Friday he announced Bermuda's first set of satellite regulations to the House of Assembly, establishing the method for operators of satellite networks to register in Bermuda.

Bermuda's satellite orbital slots were initially issued in 1983 by the International Telecommunications Union with the intention of providing the Island with broadcast television services. Two slots were declared exclusively Bermudian, and a third is shared among several Caribbean countries. Bermudian officials have previously stated that use of each of the slots could result in revenue of $850 million.

One of these slots, BERBERMU, is already a point of interest, both because of a point of contention from the Isle of Man and because with a minor change, satellites would be able to broadcast into the central US.

Because Bermuda is not a sovereign nation, all proposed regulations must go through the UK's Office of Communications before they become active.

If accepted, the "Satellite Network Notification and Coordination Regulations 2007" could mean satellite projects could be implemented within seven years.

Potential operators would have to pay an initial non-refundable fee of $10,000 before being considered. Once accepted, the Minister of Telecommunications would retain the ability to transfer and revoke licences, and would force operators to undergo periodic reviews.

Mr. Lister said the purpose of the regulations was to attract satellite network operators to the Bermuda registry and to establish regulatory oversight over them.

"This will enable Bermuda to become a satellite filing jurisdiction that would enhance our image internationally and add another component to the economic benefit of Bermuda," Mr. Lister said.

The Minister recently visited the UK in order to push the proposed regulations, and left the meetings optimistic.

"I am happy to report that the initial opinion is favourable and bodes well for us as we seek to protect our interests," he said.

Mr. Lister also held several meeting with potential European satellite operators, meetings that he called "extremely encouraging".