Oil exploration switches to Woodside Energy

A new company has been awarded the rights to explore for oil and gas in the territorial waters of Barbados.    

Acting Prime Minister Santia Bradshaw announced on Monday that her Government had approved Woodside Energy to take over the work started by global resources company, BHP Group (BHP) after Woodside bought it out late last year.

“As the Barbados National Energy Policy diversifies the energy mix, it also advances the Government’s thrust to continue the exploitation of this country’s hydrocarbon resources potential,” Bradshaw said.                         

   “The Government of Barbados has endorsed the merger and has agreed that Woodside Energy will now continue the work on the blocks,” Bradshaw told a stakeholders’ workshop on Facilitating the Planning of Economic Diversity and Investment in the Energy Sector in Barbados at the Lloyd Erskine Sandiford Centre (LESC).

As far back as 2007, the then Government of Barbados formally launched the Barbados Offshore Petroleum Programme as part of its strategy to promote the island’s oil and gas potential and attract investment.            

  Under this programme, Barbados subdivided its offshore acreage into 26 license blocks and developed a suite of legislation – the Barbados Offshore Petroleum Legislation – to govern all exploration, production, and development activities offshore.

Barbados launched its inaugural licensing in late 2007, issuing a formal call for the submission of bids and offering 24 of the 26 blocks for competitive bidding. This process led to the award of the Carlisle Bay and Bimshire blocks to BHP Group (BHP).

“I wish to assure you that the Ministry of Energy and Business will continue to license Barbados’ Offshore acreage under clear rules for developers, and to increase the cultivation of data relating to the geological and geophysical conditions of the oil and gas sector,” the acting PM declared.

  “Additionally, the current minister, the honourable Kerrie Symmonds must be heralded for almost every week bringing a number of papers aimed at improving the legislative and regulatory environment to enable the sector to contribute towards Barbados’ economic development in a meaningful way,” Bradshaw observed. (EJ)