Bridgetown, Barbados Apr 25, 2006 – While Barbados is yet to restart fishing talks with Trinidad and Tobago in light of the recently maritime boundary ruling the Eastern Caribbean nation is pressing ahead with marine oil and gas explorations.
In fact, says, Ministry of Energy and the Environment Elizabeth Thompson, a call for competitive bids for oil and gas exploration in Barbados’ territorial waters will be put out before year end. She hopes the next exploration well sunk within two years.
Thompson said that Barbados territorial waters offered the greatest potential for production of crude oil and natural gas, and noted that the country was making every effort to boost production.
It will be important for us to seek new hydrocarbon resources by drilling offshore in Barbados’ territorial waters as delineated by the Arbitral Tribunal of UNCLOS. Closing the gap between production and consumption is both urgent and necessary. Production of oil in Barbados’ offshore waters is not expected to be easy since those resources are lodged in the deep sea bed,” Thompson said speaking at the opening of the new Barbados National Terminal Co. Ltd (BNTCL) Petroleum Terminal in Barbados.
Barbados presently produces about one-third of its oil requirements and believes it can significantly increase that amount.
The new BNTCL facility improves the amount of fuel that can be stored and also provides some security in the event of disruption of supply.
“The Government has taken a first and important step in the protection of our fuel supply by the construction of this new terminal facility, which I am advised is built to accommodate 80 000 barrels of gasoline for 33 days supply; 70 000 barrels of diesel for 35 days supply; 80 000 barrels of jet fuel for 24 days supply; and storage capacity for 70 000 barrels of crude oil,” she said. (Cairbbean360.com)