Barbados set to award offshore pair to BHP Billiton

by on November 14, 2012 2:58 pm BST

The areas – Carlisle Bay and Bimshire – are part of an
effort by the Caribbean nation to find new oil and gas reserves and shore of
its economy. 

Stuart indicated that the awards are the result of new
offshore oil legislation which helped paved the way for the concessions.

“The government is committed to ensuring that Barbados
establishes the appropriate structures necessary to ably manage the
establishment of an offshore petroleum sector,” he said. 

Barbados, one of the Caribbean’s few oil producers, has been
seeking new explorers to investigate the Tobago Trough and Barbados Ridge since
2008. The island opened up an oil round for 24 blocks spanning 65,248
square kilometres in total around that time.  

State-owned Barbados National Oil Company taps about 1000
barrels per day from wells onshore.