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PM:Search for oil begins next year

PM:Search for oil begins next year

Tue, November 06, 2012 - 7:02 PM

The search for oil offshore Barbados could now begin as early as next year.

Prime Minister Freundel Stuart told Parliament today, as he introduced the Offshore Petroleum (Amendment) Bill and the Offshore Petroleum (Taxation) (Amendment) Bill, that the legislative changes have brought the exploration by Australia-based mining and petroleum company BHP Billiton closer.

“We confidently expect that once the amended legislation has been enacted . . . that the preparation of the relevant license can be completed by early in the year 2013,” he said.

BHP Billiton was the only successful one of three companies – the others being Windward (Barbados) Exploration and Production, and Jupiter Petroleum – which put in bids during a licensing offshore round that ended in 2008. The company was awarded two of Barbados’ 26 blocks – Bimshire (2,506 sq km) and Carlisle Bay (2,498 sq km). Of the remaining 24 that cover 65,248 sq km, two have been retained by Barbados for future development.

Full story in tomorrow's MIDWEEK NATION

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