UPDATE: The Search For Oil Beyond The Shores Of Barbados Has Started~Can Barbados Become The UAE Of The Caribbean?
Resource Website: Ministry of Energy _______________________________________________________________________________________
THE TENDERING PROCESS for the exploration of oil in Barbados’ territorial waters officially gets started today.The Ministry of Energy and the Environment will be launching its 2007 Offshore E &P Licensing Round with a presentation at the Sandy Lane Club House, Sandy Lane, St James. It starts at 3 p.m. This event will be followed by an international launch at the Hilton Post Oak in Houston, Texas, on Wednesday, June 27.
The tendering process to find oil off Barbados has started. If we are to believe the talk Barbados in a couple of years may be transformed to a United Arab Emirates! Although BU is exited at the expectation that the Barbados economy maybe transformed to a petro-based economy and all the prosperity it brings__we issue a caution to the directorate that one should not count ones chickens before they are hatched!
We were reminded this weekend that many of the African countries are blessed with natural resources and yet they languish at the bottom of the world’s economic barrel, countries like Nigeria, Kenya and others. So Liz please cut the hype and lets manage this tendering process devoid of the superlatives. We wish to thank our BU contributor for sending us the maps which illustrate all that is involved in the complicated process of tendering.