Barbados Launches Offshore Licensing Drive for Energy Exploration

The initiative forms part of a broader multi-energy strategy approved by ministers, which seeks to balance renewable energy expansion, energy security and economic resilience.

Based on preliminary seismic surveys, there may be significant offshore hydrocarbon resources available to Barbados, Symmonds said.

Director of natural resources Jamar White said years of seismic surveys and technical assessments have indicated the potential for substantial offshore reserves.

“We potentially have upwards of 13 billion barrels of oil in place, potentially 40-plus trillion cubic feet of natural gas.”

White outlined the pre-qualifying criteria that companies must meet to be approved after September 1:

“The pre-qualification criteria are subdivided into five key areas. It will assess the legal capacity of the companies, the technical capacity of the companies, the financial capabilities, and, and what we’ve done this year, we’ve expanded the health, safety and environment component to include a critical component related to climate, this criteria outlines then the standards which companies must meet and the type of environmental record that they would have in order to be able to engage in negotiations.

“The final area for pre-qualification will be local content and those criteria will help to basically address and assess any concerns that we would have and ensure that only the best, most qualified and companies with top tier records are able to advance to the negotiation stage.”

These pre-qualifying steps are the first in the process; this will be followed by discussions with the qualifying companies regarding areas of potential interest. Companies that have been considered pre-qualified will be issued with a qualification notice stating that the Government of Barbados believes they are suitable to operate in the ultra-deepwater environment.

The government hopes to complete negotiations within three months, after which environmental impact assessments (EIAs) and baseline environmental studies will be required before exploration can begin.

“Of course, depending on the timelines that you submit your application within that three-month timeframe and the application is approved, then we can go into direct negotiations. We expect them to be able to complete negotiations with any company that submits the pre-quals by the latest, the 15th of January 2027, following which the recommendations will be sent to cabinet, Cabinet would review and be subject to cabinet approval.”

He continued: “The companies would then be awarded the specific blocks that we were having in negotiations. Following that they have to go through discussions regarding the EIA process, which is a very critical process in order for companies to be able to start exploration offshore Barbados.”

“They have to collect baseline environmental data and outline the methods through which they will operate in the offshore and identify mitigation methods and other things to address concerns regarding conservation, regarding wildlife, regarding the environmental impacts, and once we are satisfied with that, companies will then be able to commence their exploration work.”

(LG)