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Barbados gives BHP Billiton first oil exploration licence
Published: Friday | January 23, 2009
[COLOR=orange! important][COLOR=orange! important]Barbados[/COLOR][/COLOR] has awarded its first offshore oil-exploration rights in a bid to diversify its tourism-driven economy, an energy official said.
The government licensed [COLOR=orange! important][COLOR=orange! important]Melbourne[/COLOR][/COLOR], Australia-based BHP Billiton to evaluate two undersea blocks southeast of the Caribbean island, said Philmore Best, deputy permanent secretary of Barbados' energy ministry. He gave no details on the financial terms of the deal.
Production boost
Barbados plans to open as many as 26 blocks for exploration. Best said he believes multinational oil companies could boost the island's energy production enough to soon rival tourism as its biggest industry.
The island sits in the southeastern Caribbean near oil-rich Trinidad and Tobago, and Venezuela.
Offshore drilling
Barbados now produces just 1,100 barrels of oil a day from wells on land, making it a net oil importer.
The former British colony has considered offshore drilling since the 1990s, when a study by the American oil company, then known as Conoco Inc, noted promise in nearby areas. Barbados solicited its first bids in 2007.
Published: Friday | January 23, 2009
[COLOR=orange! important][COLOR=orange! important]Barbados[/COLOR][/COLOR] has awarded its first offshore oil-exploration rights in a bid to diversify its tourism-driven economy, an energy official said.
The government licensed [COLOR=orange! important][COLOR=orange! important]Melbourne[/COLOR][/COLOR], Australia-based BHP Billiton to evaluate two undersea blocks southeast of the Caribbean island, said Philmore Best, deputy permanent secretary of Barbados' energy ministry. He gave no details on the financial terms of the deal.
Production boost
Barbados plans to open as many as 26 blocks for exploration. Best said he believes multinational oil companies could boost the island's energy production enough to soon rival tourism as its biggest industry.
The island sits in the southeastern Caribbean near oil-rich Trinidad and Tobago, and Venezuela.
Offshore drilling
Barbados now produces just 1,100 barrels of oil a day from wells on land, making it a net oil importer.
The former British colony has considered offshore drilling since the 1990s, when a study by the American oil company, then known as Conoco Inc, noted promise in nearby areas. Barbados solicited its first bids in 2007.