UPDATE: The Search For Oil Beyond The Shores Of Barbados Has Started~Can Barbados Become The UAE Of The Caribbean?

 

Attached please find the bid blocks being sold by the Barbados government and the map which pinpoints the designated areas. BU thank the source for the information!

bid-blocks-1.jpg

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.

 

Full Nation Article

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!

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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.

13 comments

  • Wishing in Vain

    I certainly hope that the tender is a bit m0re water tight than the tender for the prison where they seem not to know even if the currency was US or Bds dollars.
    The tender document had to be rewitten by those quoting on the prison as the original document was so vague and open to manipulation and malice.

    Like

  • BU, do your readers understand the implications of the oil question? I hope so. If as expected, oil is found within the sea borders of Barbados – even if it is a “Small” find of 100,000 barrels per day, this will provide the Government in power with about USD 120 million per month in revenue or USD 1.440 billion per year. We are now producing ca. 1000 barrels per day.

    What will happen to this money? Will Barbadians benefit? Not if history is reviewed in other 3rd world countries. Here is a likely scenario –
    1.The Prime Minister buys a plane for his use.
    2.The BDF naval vessels are increased in size and capacity to protect the oil wells, barges and like.
    3.A Barbadian air force is expanded with first 2nd class jets then the Eurofighter or F16 or similar.
    4.The leader of the Opposition is given a Government sedan and a sizeable house to keep him as quiet as possible.
    5. Money starts to leak via state projects which always have “agents” involved.
    6.Tourism and other industries will begin to take second place as more and more oil is found.

    The CIA World fact book says the following about Barbados’ oil.
    Oil – proved reserves: 1.254 million bbl (1 January 2002)
    Rank: 88

    Is there a way to maintain political integrity, common sense and to ensure that ALL Barbadians benefit from the largesse?

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  • Udo Xavier~your observation is worthy of note. If we drill down to how individuals treat with personal wealth we all can agree that wealth and prudent management do not fit hand and glove. We suppose that if we had to make a choice BU would wish that the Barbados government is successful in finding oil with reserves to last us for years to come. Despite our fears of our barefoot politicians are salivating at the prospects of divvying up the spoils, as a nation we will have to trust our civil establishment to create a new order to manage our new found wealth.

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  • David,
    You are reflecting on the good old days when parents wanted their kids to be a policeman, a priest or a civil servant. All careers that lent integrity to a person. Do I trust our top level civil servants to act in the best interest of the nation? Absolutely not! All PSs have a politician to thank for their position.

    Like

  • Oil would be nice, but it’s supply is finite, and the oil companies are cutting back on refinery capacity due to the growing demand for bio-fuels, such as ethanol. Now THAT is the bandwagon we should be climbing on. The energy required to convert sugar cane to ethanol is just one eighth of that required to convert corn. Right NOW, our government should be planning to put back idle lands into cane, and to construct an ethanol plant. We will save millions in oil imports, improve the appearance of the country, and have a renewable resource to generate income year after year. The Minister of Agriculture returned from China talking about getting Chinese help in producing a high-sucrose cane variety for this purpose – he’s talking about 10 years!! How much land will be left for sugar in 10 years? Brazil is producing ethanol right now, so why wait for a Chinese version? Our countryside intact, ethanol on stream, and, with luck, some offshore oil as well. What a future we would have. Are we foresighted enough, or will the quick profits from land sales kill any prospect of being self-sufficient, and consign us to being an economic basket case?

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  • Peltdown Man~you make some good points which obviously call for vision on the part of our policy makers. It still hurts that Barbados as a pioneer in solar energy would not have tax credits in place to encourage those Barbadian who are energy conscious to shift to this alternative source of energy. Many middle class Barbadians would move in this direction especially in the case of new homes where the cost can be added to the mortgage.

    Like

  • Udo Xavier~correct us if we are wrong but politicians have always had a hand in these appointments. Can you clarify if you are saying that it was different back when?

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  • notesfromthemargin

    So far at least the politicians seem to be indicating a plan for dealing with the contingency of a significant oil find.

    Even if there were some corruption in the process, a significant oil find would significantly benefit Barbados. It would mean another leg for the economy to stand on other than Tourism and Financial services.

    However you slice it ,the island would be better off.

    Like

  • David, I think that we have a lot of lip service when it comes to energy conservation and the environment. Often, actions do not match the words. I think the current litmus test is the future of Graeme Hall, both the government lands and the Nature Sanctuary. What happens to them will show where the government really stands on the environment and conservation.

    Like

  • David // Jun 25th 2007 at 5:31 pm
    It still hurts that Barbados as a pioneer in solar energy would not have tax credits in place to encourage those Barbadian who are energy conscious to shift to this alternative source of energy. Many middle class Barbadians would move in this direction especially in the case of new homes where the cost can be added to the mortgage.
    ++++++++++++++++++++++++++++++++++
    I read recently, a family in Australia use only solar energy, they generate so much energy from their solar cells that they even push some over to the Power Company, they have not paid and electric bill in months.
    here’s that link

    They even recycle they sewage.
    These are initiatives that we should take up.
    I often wonder why they did not have solar lights on the highway during this whole building project as it is dangerously dark on the highway at night.
    If they got someone to make them it would certainly be safer

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  • I hope that we find oil and find it soon. But I have no faith in Liz Thompson to manage anything successfully. She is so full of hot air!

    I hope that the Government changes before we find oil offshore. This corrupt bunch would squander it in the blink of an eye!

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  • Peter Piper~obviously the job of oil exploration will fall under a ministry. However we think if oil is found the successful company whether, Shell, Exxon or others will have to buy a lease to work the oil fields for an agreed time. So that the day to day management of business is removed from government bureaucrats.

    We are in no way defending Minister Thompson.

    Like

  • It is my strong belief that we will find oil.

    It is my desire that the wealth from the find, will

    be spent wisely and not end up in the pockets

    of a few greedy individuals.

    Like

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