Oil Exploration Switches to Woodside Energy

• A new company has been awarded the rights to explore for oil and gas in the territorial waters of Barbados. Acting Prime Minister Santia Bradshaw announced on Monday (June 20) that her Government had approved Woodside Energy to take over the work started by global resources company, BHP Group (BHP) after the merger between BHP and the then Woodside Petroleum. 
• As far back as 2007, the then Government of Barbados formally launched the Barbados Offshore Petroleum Programme as part of its strategy to promote the island’s oil and gas potential and attract investment. Under this programme, Barbados subdivided its offshore acreage into 26 license blocks and developed a suite of legislation – the Barbados Offshore Petroleum Legislation – to govern all exploration, production, and development activities offshore. 
• The Ministry of Energy and Business aims to continue to license Barbados’ Offshore acreage under clear rules for developers and to increase the cultivation of data relating to the geological and geophysical conditions of the oil and gas sector. Owing to the importance of this sector in any economy, once fruitful, the country is expected to reap the benefits through increased employment, a new revenue income stream, foreign direct investment, and economic growth.

(Sources: Barbados Today & NCBCM Research)