BARBADOS’ ONSHORE OIL HUNT is about to get a major boost, with a group of local and international investors preparing to pump more than $30 million into the recovery of hydrocarbons from a number of dormant wells.
Bajan Hydrocarbons Inc., a private oil and gas company established here last year, has negotiated an agreement with the Barbados National Oil Company (BNOC) to undertake the onshore production enhancement project.
Its chief executive officer (CEO), Robin Birchall said the venture will start with four to six wells located near BNOC’s Woodbourne, St Philip headquarters and, depending on the success of this pilot phase, could eventually expand to between 50 and 100 wells.
The initiative, which Birchall said would see Government earning $20 million in taxes, is projected to produce between 500 and 1 500 barrels of oil daily, using a technique called “huff and puff”, where carbon dioxide will be injected into old production wells to generate increased production.
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