PRIME MINISTER Freundel Stuart recently announced Barbados had signed an agreement with BHP Billiton for licences to explore two offshore tracts for oil and natural gas.
Stuart said the island could reap other benefits as they had negotiated provisions for annual training, scholarships, local content, coastal and marine environment research and the acquisition of critical equipment and software.
He also said the highest safety standards of the industry would be upheld.
BHP Billiton’s vice president, exploration, Dr Niall McCormack said based on what his organisation knew about the geological trend in the area “we are optimistic about our chances of discovering hydrocarbons within these blocks”.
