Bermuda could be set to cash in on millions of dollars worth of satellite rights.

But it will probably involve signing up with a communications corporation to cover the enormous cost of launching and maintaining a satellite.

The United Nations has allocated each nation space hundreds of miles above the equator to install satellites which do not move relative to the earth?s position. The slots can net annual revenue of around $850 million a year but the costs are nearly as high leading to typical annual profits of around $5 million.

Bermuda is allowed to have two satellites plus split a third space with the Caribbean.

Telecommunications Ministry Assistant Director Hiram Edwards said: ?The problem is you are dealing with a lot of money to operate a satellite. It can be around $300 million for a launch and to ensure it.?

North and South American TV companies were hungry for capacity. He could not say if Bermuda was currently in negotiations.

?Bermuda will have to find a suitable operator to put these satellites up in space to make it economically feasible. We know there would be a significant benefits if we were able to licence a suitable operator that can service a profitable market. We are exploring all the possibilities for developing these places. That?s all I can say.?

He said other small islands such as the Isle of Man are further ahead with a number of licensed satellites. However he said the diminishing amount of slots meant Bermuda had valuable piece of space real estate.