Barbados Sets Conditions for Offshore Drilling

Wednesday, January 24, 2007
Any oil company wishing to tap into the oil reserves off the coast of Barbados has to comply with some strict guidelines the Government is laying down. In introducing the draft National Energy Policy to the House of Assembly, Minister of Energy and the Environment, Elizabeth Thompson, stated that a number of oil companies, including the big multinationals, smaller operations and some newcomers, had expressed an interest in getting involved in Barbados' oil industry. Thompson stated that these companies had to make sure they trained and educated Barbadians at all levels of the industry, and locals should also be given an opportunity to invest in these firms. She added that the company must also have a strong track record in environmental protection, and "must exhibit a degree of seriousness and have clout in the marketplace so they can get a drilling rig off the coast of Barbados when required". On that point, she said Barbados would have no time for companies with no intention of drilling, who purchased bid blocks and held onto them indefinitely until they could resell them on the international market. With regard to onshore drilling, the Member of Parliament for St. James South stated that Government had been mandated to explore other areas besides the Woodbourne field for energy resources. She said the equipment used to take soundings to determine whether oil was present, was not as effective on coral stone as it was on other geological structures, but it could be done and Barbados would explore its reserves using current seismic data and would try to gather further information. Source: Barbados Advocate

People & Company News

MN100: MarineCFO

The Company: Founded in 1992, UA Business Solutions was a pioneer in the field of Enterprise Resource Planning (ERP) and an early Microsoft Partner. The ERP evolution

MN100: All American Marine, Inc.

The Company: All American Marine Inc. was founded in 1987 and specializes in the construction of custom tailored aluminum boats from 30 to 150 feet LOA. Today,

Five Minutes with Paul Switzer

Five minutes with Paul Switzer - Manager, Shipbuilding & Offshore, Viega   For readers not familiar with Viega, please give a ‘birds eye’ view, putting the company

Offshore

US Offshore Lease Sale Yields $18 Mln in High Bids

Today’s U.S. oil and gas Lease Sale 248 garnered $18,067,020 in high bids for 24 tracts covering 138,240 acres in the Western Gulf of Mexico Planning Area, announced

Canada May Ask Far-offshore Drillers to Pay Extra

Canada may ask oil companies to contribute to the hundreds of millions of dollars or more the country has to pay to an international body if they drill far offshore,

MISC Enters Thai Offshore O&G Market

Energy related maritime solutions and services provider MISC Berhad (MISC) has made inroads into Thailand’s offshore oil and gas market for the first time.

 
 
Maritime Careers / Shipboard Positions Maritime Standards Pipelines Salvage Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0937 sec (11 req/sec)