Barbados to open offshore licensing bidding in December

The Barbados authorities says it expects to open its Offshore Licensing Bid Spherical on December 1, this yr.

“Not too long ago, on the Worldwide Assembly for Utilized Geoscience and Power, which was held in Houston, Texas, the Ministry of Power and Enterprise formally introduced its plans to launch the Barbados 2022 Offshore Licensing Spherical on December 1, 2022,” mentioned minister of state within the Ministry of International Commerce and Enterprise, Sandra Husbands.

She advised a three-day Power Native Content material Workshop and Share Honest that corporations will likely be invited to appoint acreage from accessible blocks, for inclusion within the bidding course of.

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“The upcoming licensing spherical presents a possibility to discover the island’s untapped deep-water potential below a aggressive authorized, fiscal and regulatory framework,” Husbands mentioned, underscoring the significance of the vitality sector.

She mentioned it’s key to remodeling the Barbados economic system and that it creates and facilitates doable investments, improvements, new industries, and jobs which might be vital to maintain financial development.

“The brand new world economic system is being pushed by renewable vitality, vitality possession, and vitality funding. These realities and the necessity to make native companies viable to compete on the worldwide market assist to tell the mandate of the Barbados Power Native Content material Improvement Mission.”

“Nevertheless, the final word purpose is to make sure that the nation’s transition from fossil fuels to 100% renewable vitality sources is realized. This fashion, we will make sure that all Barbadians have entry to vitality that’s moderately priced, dependable, and sustainable,” she mentioned.

Husbands mentioned the federal government helps efforts to develop the capabilities and competitiveness of Barbadian producers, service suppliers, suppliers of products, and people, to allow them to take part extra successfully within the rising offshore oil and gasoline, and renewable vitality sectors’ worth chain.

Nevertheless, she famous that a number of boundaries have been recognized by the federal government and the Commonwealth Secretariat as limiting the participation of native suppliers within the vitality trade value-chain actions in Barbados.

Husbands mentioned the federal government, with the help of the Commonwealth Secretariat, is searching for to deal with the challenges by strengthening the coverage and regulatory framework for native content material growth and its oversight capability.

“The Barbados Power Native Content material Mission has registered fast progress since its implementation in April 2022. Already, we have now evidenced the advantages of the mission as its implementation progresses in full pressure.

The Power Native Content material Share Honest ends on Wednesday.

CMC/