Possible Natural Gas Find Off Barbados

• International oil and gas explorer giant Woodside Energy found significant prospects for natural gas and potential for oil off Barbados’ coast in its assessment of offshore fossil fuel reserves.
• The announcement of the find was made by the Director of Natural Resources in the Ministry of Energy and Business Jamar White in an update to Parliament. The announcement was made during the parliamentary scrutiny of the 2023-2024 Estimates of Expenditure and Revenue, which continued on Monday (February 27).
• According to White, “they completed a 2,600-square kilometre 3D seismic survey offshore Barbados in an effort to better understand what the prospects were. From what we are hearing – and we are awaiting official notice from the company – the results look very encouraging.”
• Barbados has no major offshore discoveries, but for decades, has been producing about 1,600 barrels of oil daily from inland wells. Its neighbour Trinidad has been producing oil and gas—gas especially—in large quantities for more than 100 years.
• The country’s economic growth prospects would benefit greatly from natural gas production, transportation, and consumption. This development has the potential to provide significant employment and attract investments, while significantly reducing fuel costs and ultimately the cost of goods for consumers.

(Sources: Our Today and NCBCM Research)