Barbados Economic Report Energy Chapter 2017 PDF Print E-mail

ONSHORE

The total amount of product available for 2018 consists of 2.53 million barrels (bbls) of crude oil and 5,055,120 thousand cubic feet (mcf) of gas. These figures represent the reserves at December 31st, 2017 as reported by Barbados National Oil Company Limited (BNOCL). This represents an increase over 2016 reserves of thirty-two (32.0%) percent in the case of crude oil which stood at 1.91 million and thirty-five (35.0%) percent in the case of natural gas which stood at 3,292,000 mcf. The products extracted during the year came from existing wells including those drilled in 2005, commissioned in 2006 and brought on stream in 2009. Of the wells drilled in 2012, three (3) have been commercialized to help boost production as well as sand control operations. The drilling programme which commenced in December 2015 was completed in 2016 and five of these wells were also brought online.

PRODUCTION

During the Year 2017, the production of crude oil amounted to 233,489 barrels and this represented an increase of approximately 0.32% over 2016. In 2016, production stood at 232,741 barrels (bbls). This increase was as a result of sand control for some of the newly drilled wells in addition to some re-completions.

In 2017 natural gas production was 526,861 mcf a decreased of 13.13% when compared to 606,473 mcf produced in 2016. This overall reduction was as a result of a deduction in associated gas as well as conservation in the use of the swing gas wells.

OIL AND GAS SALES AND CONSUMPTION

Oil sales for the year decreased by 3.4%, from 241,202 bbls in 2016 to 232,896 bbls in 2017. By the same token, natural gas sales from BNOCL decreased by 37% from 467,868 mcf in 2016 as compared to 2017 which stood at 293,567 mcf.

During the period under review, gas sales to the public increased by 16.63% when compared to 2016. The value of the sales by NPC was $20,192,084 for 2017 when compared to $17,312,200 for 2016. The volume of natural gas sold in 2017 stood at 14,826,206 m³ an increase of 3.92% above the amount sold in 2016 of 14,267,429 m³. This increase in both volume and value was due solely to the imported liquefied natural gas.

The expansion programme of the NPC continued in 2017 through its addition of 0.77 miles to its distribution network and an additional three hundred and seventy-three (373) new customers for the year under review.

ELECTRICITY

The sales of electricity for the year 2017 were 944 million kWh, representing a marginal increase of 0.04% when compared to 2016. Of the total sales of electricity for 2017 it is estimated that 36.2 million kWh or 3.8% of electricity were sales from renewable energy sources. This represents 3.8% of total sales. The overall increase in electricity sales was largely due to a rise in customer demand with the largest category of users continuing to be the domestic sector. This sector accounted for 34 per cent of total sales or 324 million kWh.

 

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