BRIDGETOWN, Barbados, (GIS) – There are significant, potential prospects for the harvesting of oil and natural gas off Barbados, says acting prime minister and minister of energy, business development and commerce, Kerrie Symmonds, at a press briefing to launch the 2026 Offshore Petroleum Direct Negotiations, at the ministry of energy, business development and commerce, Warrens Office Complex.
Symmonds stressed the importance of engaging with international oil companies on the possibility of conducting ultra-deep-water exploration.
“Why do we feel this way? It is important to recognise that since January or February of this year, oil prices have escalated exponentially all across the world. It is important also to recognise that every country in the world now is looking to ensure its own energy security and energy independence.”
The acting prime minister shared that government is insulating the average consumer in Barbados from the fullest throughput of energy costs.
“So, for householders, for example, 50 percent of your fuel clause adjustment – which is the throughput representing the cost of the heavy fuel oil which we must import – 50 percent of that is being paid for by the government.” Minister Symmonds noted that the use of natural gas will continue into the foreseeable future. He continued: “If we do find natural gas, obviously Barbados will look after itself in terms of the natural gas, because as much as we are going to renewables, there’s going to have to continue to be an element of the bridge, and…the cleanest fuel is the natural gas.”
Director of natural resources at the ministry, Jamar White, told the briefing that all of the information related to the process, such as pre-qualification criteria and timelines, has been published on the ministry’s website.
“We placed ads in the local media and in the international media as well. So, pre-qualification will be the first step in the process to ensure that we are able to screen interested companies.”
White explained companies have until September 1 to submit their pre-qualification documents. The press briefing highlighted Barbados’ advanced methane management and its commitment to climate-friendly energy strategies, with a focus on job creation and sustainable practices aligning with the national energy policy.
The post Barbados’ potential for Natural Gas & Oil appeared first on Caribbean News Global.