The Barbados government says the offshore licensing round, originally scheduled to have been launched earlier this month, will now take place in the first quarter of 2023.
The Ministry of Energy and Business said “based on the fact that several companies have requested additional time to evaluate the acreage and data” the government has made the “difficult decision to postpone the permit round for this short period of time in order to comply with those requests and to address critical make changes to the legislative and licensing frameworks that will enable the country to improve the efficiency and ease of doing business within the sector.
“Barbados continues to be encouraged by the continued sustained interest shown in its offshore acreage and remains unwavering in its commitment to partnering with industry pioneers to realize its offshore petroleum potential.”
The Mia Mottley administration in offering “sincere apologies for any inconvenienced caused” by the postponement,” said it welcomes further” engagement, cooperation and dialogue with industry on issues related to the licensing round”.
The auction will open 22 offshore blocks to bids from international oil companies.
At present, there is no offshore exploration underway, but the Barbados National Oil Company produces approximately 1,000 barrels a day from onshore fields. Barbados reportedly has proven oil reserves of around 2.5 million barrels, in addition to 142 million cubic meters of natural gas reserves. The government hopes that further exploration in its Exclusive Economic Zone will reveal the existence of much larger reserves.
CMC/
