Barbados has launched a new offshore licensing round

Barbados has launched a new offshore licensing round, offering 19 ultra-deepwater blocks to international energy companies while strengthening environmental and climate-related requirements for bidders.

The 2026 Offshore Petroleum Direct Negotiations process opened Monday, beginning a three-month pre-qualification period that will run until Sept. 1.

Minister of Energy, Business Development and Commerce Kerrie Symmonds said the government is seeking qualified partners to explore for oil and natural gas in Barbados’ ultra-deep offshore waters, but stressed that any successful bidders must demonstrate strong environmental stewardship and alignment with national climate goals.

“We want to have companies that are partnering with us that have proven over their recent work that they are in the oil and gas sector, yes, but they are also methane managers, that they are effectively good stewards of the environment,” Symmonds said at a press conference Tuesday.

He added that the initiative is designed to align hydrocarbon exploration with Barbados’ broader renewable energy transition and climate commitments.

“The question of methane now and the technology associated with it is far more advanced than it was back in 2022,” he said. “We understand quite clearly now that methane is perhaps the most potent of the greenhouse gases.”

Symmonds said the government has reduced the number of offshore blocks on offer from 22 in the previous 2022 bid round to 19, reserving the remainder for potential future development by national energy interests.

“The reason why we’re only offering 19 is because as a matter of policy, we have determined that the additional blocks will be held back for the development of the country’s own energy company and related interests,” he said.

Director of Natural Resources Jamar White said extensive seismic surveys and technical assessments suggest significant offshore potential.

“We potentially have upwards of 13 billion barrels of oil in place, potentially 40-plus trillion cubic feet of natural gas,” White said.

He outlined the pre-qualification framework that companies must satisfy, which includes legal, technical and financial capacity, as well as expanded environmental standards.

“The pre-qualification criteria are subdivided into five key areas,” White said. “We’ve expanded the health, safety and environment component to include a critical component related to climate.”

He added that local content requirements will also play a role in evaluating bids.

“These criteria will help ensure that only the best, most qualified companies with top-tier records are able to advance to the negotiation stage,” he said.

Companies that meet the requirements will receive qualification notices before entering direct negotiations with the government. Officials said the process is expected to conclude within three months, with final recommendations submitted to Cabinet for approval by Jan. 15, 2027.

Following negotiations, companies will be required to complete environmental impact assessments and baseline environmental studies before any exploration work begins.

White said applicants must outline operational methods and mitigation plans addressing environmental risks, including impacts on wildlife and marine ecosystems.

“Once we are satisfied with that, companies will then be able to commence their exploration work,” he said.