The Barbados authorities says the offshore licensing spherical, initially scheduled to have been launched earlier this month, will now happen within the first quarter of 2023.
The Ministry of Power and Enterprise mentioned “primarily based on the truth that a number of corporations have requested extra time to judge the acreage and knowledge” the federal government has made the “troublesome resolution to postpone the allow spherical for this quick time period with the intention to adjust to these requests and to deal with essential make modifications to the legislative and licensing frameworks that may allow the nation to enhance the effectivity and ease of doing enterprise inside the sector.
“Barbados continues to be inspired by the continued sustained curiosity proven in its offshore acreage and stays unwavering in its dedication to partnering with business pioneers to appreciate its offshore petroleum potential.”
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The Mia Mottley administration in providing “honest apologies for any inconvenienced brought on” by the postponement,” mentioned it welcomes additional” engagement, cooperation and dialogue with business on points associated to the licensing spherical”.
The public sale will open 22 offshore blocks to bids from worldwide oil corporations.
At current, there is no such thing as a offshore exploration underway, however the Barbados Nationwide Oil Firm produces roughly 1,000 barrels a day from onshore fields. Barbados reportedly has confirmed oil reserves of round 2.5 million barrels, along with 142 million cubic meters of pure gasoline reserves. The federal government hopes that additional exploration in its Unique Financial Zone will reveal the existence of a lot bigger reserves.
CMC/