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During 2017, international petroleum prices continued to be influenced by US production rates and stock piles, Saudi Arabia’s ability to influence production, Iran’s embryonic ability to continue oil production, China’s increased consumption, Russia’s continued recession and OPEC’s decision to reduce production during 2017.
West Texas Intermediate Oil averaged US$51.00 per barrel when compared to US$43.00 per barrel in 2016.
Inspite of the above, Barbadians continued on the trend of conservation and efficient use of energy. These efforts were supplemented by the Division of Energy and Telecommunications (DET) through its spirited programme that targeted Government departments.
At the end of 2017, some 1691, photovoltaic systems were grid-tied. Given the volatilty associated with the Energy Sector locally, regionally and internationally, the Division will use this bulletin as a mode to share issues as well as our concerted efforts to address this unpredictable energy market.
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The Ministry of Energy and Business of the Government of Barbados announces the postponement of the Barbados 2022 Offshore Licensing Round, which was scheduled to commence on December 1, 2022. The Offshore Licensing Round will now be launched in Q1, 2023.
Based on the fact that several companies have requested additional time to evaluate acreage and data, the Government of Barbados has made the difficult decision to postpone the licensing round for this short period to satisfy those requests, and to complete critical amendments to the legislative and licensing frameworks that will allow the country to improve efficiency and ease of doing business within the sector.
Barbados continues to be encouraged by the sustained interest shown in its offshore acreage and remains staunchly committed to partnering with industry pioneers to realise its offshore petroleum potential.
The Government of Barbados sincerely apologises for any inconvenience caused and welcomes further engagement, collaboration, and discourse with the industry on matters relating to the licensing round. Pertinent requests, queries and comments may be forwarded to the Ministry of Energy and Business’ official licensing round email address: barbadosoffshore@energy.gov.bb.
Ministry of Energy and Business
Government of Barbados
December 1, 2022
BHP operates offshore oil and gas licenses throughout the world including Australia, Canada, Egypt, the Gulf of Mexico, and the Caribbean. In the Caribbean, we currently have production in our shallow water Angostura area and ongoing appraisal in our Magellan and Calypso deep water areas where we have had hydrocarbon discoveries in recent years, all located in Trinidad and Tobago.