Strong possibility of finds offshore Barbados
Kerrie Symmonds, Senior Minister for Coordinating the Productive Sectors, has disclosed that the possibility of discovering hydrocarbons offshore Barbados is high.
Thursday, Symmonds revealed, without elaboration, that officials had selected blocks with promising potential, based on ongoing research evaluating the offshore potential of Barbados.
The former Energy Minister stated, “I don’t want to offer news before it’s ready to be given, but let’s just say the prospectivity is highly appreciated and we want to be able to use natural gas as a bridge fuel.”
In order to entice multinational oil companies to Barbados’ potential offshore reserves, the government stated last year that it will open the bidding process on 22 blocks in the country’s waters.
The nation produces approximately 1,600 barrels of onshore oil per day at present.
Symmonds, delivering the keynote address at the Canada-Caribbean Institute Symposium at the Sagicor School of Business of the University of the West Indies, defended the administration’s decision to pursue hydrocarbon exploration while pushing for the island to become 100 percent dependent on renewable energy by 2030.
He stated that oil and natural gas discoveries will result in substantial economic gains.
Even as the globe sought to embrace renewables, oil-producing nations continued to drill for this resource, according to Symmonds.
