Oil hope for Barbados

Barbados has initialled an exploration licence with the international oil exploration giant BHP Billiton to begin the search for oil and gas off-shore.

This disclosure came today from Minister of Finance Chris Sinckler as he delivered a ministerial statement on the economy in the House of Assembly.

Sinckler said Prime Minister Freundel Stuart, in his capacity as Minister of Energy, would make a public announcement shortly on this new arrangement. He added that the principals of BHP Billiton would sign the formal documents at a public event.

“With the new strategic off-shore oil exploration policy framework in place, it is expected that within the coming months, other similar licences will be signed following the appropriate tendering process,” he disclosed.

17 Responses to Oil hope for Barbados

  1. Prince Nick
    Prince Nick December 17, 2014 at 8:50 am

    Seriously this is stupid oil prices are falling what good is this when there is already a glut on the market. Makes no sense

    • Augustine R Ferdinand
      Augustine R Ferdinand December 17, 2014 at 8:58 am

      Only falling for Now.

    • Maria Amaria
      Maria Amaria December 17, 2014 at 8:58 am

      Falling where? Cause Bim like they aint get that memo, lol

    • Martine Boyer
      Martine Boyer December 17, 2014 at 1:43 pm

      Yes, oil prices are falling, and I am also worried about an oil spill. Beaches and clean water are also a natural resource in Barbados.

    • Matthew Clarke
      Matthew Clarke December 17, 2014 at 9:19 pm

      its called forward thinking…

  2. Prince Nick
    Prince Nick December 17, 2014 at 8:50 am

    Should have done this 3 years ago

  3. James Austin Bynoe
    James Austin Bynoe December 17, 2014 at 8:59 am

    Now this is good news … Sign that agreement tomorrow …

  4. James Austin Bynoe
    James Austin Bynoe December 17, 2014 at 9:00 am

    It’s free revenue out the ground … We need to get it however we can … Make total sense however late it may be …

  5. James Austin Bynoe
    James Austin Bynoe December 17, 2014 at 9:02 am

    We just need to structure the deal right and not get played.

  6. Prince Nick
    Prince Nick December 17, 2014 at 9:04 am

    I’m just a bit concerned though what policies they have in place in a spill , cleanup , liability those sort of things guess we shall see

  7. Matthew Greaves
    Matthew Greaves December 17, 2014 at 9:06 am

    promises promises and more promises but nothing materializing just remember that a promise is comfort for a fool

  8. Beverley Headley
    Beverley Headley December 17, 2014 at 9:11 am

    I won’t hold my breath-DEM have never done anything they say-when the agreement is actually sign-DEM have a way of saying what they think wunna want to hear when the pressure is mounting and then you hear nothing more about it -e.g.new hospital, hospital gets worst, new bus stand, four seasons, calico, all these so called hotel chains, no one was supposed to loose their jobs, and the list goes on-nothing was done, only talk-please guys don’t be so gullible, this Govt is horrible.

  9. Diahann Brown
    Diahann Brown December 17, 2014 at 10:16 am

    So long as the island doesn’t get the same deal as Nigeria has with Shell. That will ruin absolutely everything.

  10. John Nicholls
    John Nicholls December 17, 2014 at 1:09 pm

    My memory might be a bit fuzzy but wasn’t all this in an advance stage under Liz Thompson

  11. Santini More
    Santini More December 17, 2014 at 1:58 pm

    It is clear from previous explorations that any gas / oil in our territory will be classed as ‘deep water’ and hence expensive to extract. Therefore until oil prices rise & settle above US$80 a barrel then I do not believe any company will pay this Government a single cent to explore for oil & gas….Our darling MOF provides us only with lies, untruths & smoke mirrors.

  12. Frank Bongolights Chase
    Frank Bongolights Chase December 17, 2014 at 3:06 pm

    If u dont find oil, then wht

  13. Halsey Clarke
    Halsey Clarke December 17, 2014 at 7:02 pm

    Same as when they were supposed to turned a ship away who was suspected of having Ebola, no one ever heard what the ship was. Another red herring.


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