Is There Oil In The South of Barbados?

Why has the government put oil exploration on the back burner?

Arising from one of the blogs yesterday titled Darcy Boyce Please COMMUNICATE, You Are The Servant the point was made by a Amused that there was exploration on the South East of Barbados many years ago on a land area which spawns Oistins to Silver Sands. The revelation provoked more than a little curiosity in the BU household to follow through on the accuracy of the information. The point was made that the information should be available at the Barbados Archives.

It turns out indeed that the land in question (Oistins to Silver Sands) was recorded on July 25, 1919 in the Courts of Barbados. It was signed by William Kellman Chandler, William Benjamin Hallam Messiah, Henry Graham Yearwood, George Laurie Pile and Charles Ernest Gooding.  The period of the Lease was for 50 years and expired May 12, 1972. British Union Oil Company sold out its interest in the Lease to the Gulf Oil Company.  Government in 1950 nationalised all outstanding oil leases.

In is interesting to note that British Union Oil sold to Gulf Oil and one may reasonably conclude that there had to be some high level of prospectivity in the findings at the time. To be fair, the technology obviously trailed that of today but there was a method back in the day to locating oil we have to admit.

To add to the intrigue the government nationalised the leases. What would have been the consideration for doing so if not monetary? To the layman, and BU is included, there must have been the thinking at the time that oil deposits existed in the area (Oistins to Silver Sands).

Although it is unlikely any government would have the courage to ‘dig up’ Oistins looking for oil, landowners in the area may want to be cautious when considering a decision to SELL! They should go to the Barbados Archives or where ever the information is lodged to be seized with all the information about where their lots land in the tract recorded by the Courts in 1919..

See BU notes below:

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Silver Sands Hotel Closes After Receiving $753,047.85 In Government Relief

Silver Sands Hotel

In the face of the worst global recession since the Great Depression if we are to believe the economists, the government of Barbados felt duty bound to protect the productive sector which is the life-blood of the Barbados economy. The tourism industry is reported to contribute 15-20% of  Gross Domestic Product and it is a significant foreign exchange earner.

Tourism is an industry which thrives in a buoyant global economic climate and the global recession has impacted discretionary spending of world travellers in a significant way. In an effort to create a safety net for establishments affiliated to the Barbados Tourism Authority (BTA), Barbados Tourism Hotel Association (BTHA), and Small Hotels of Barbados Inc (SHBI), the government established the Tourism Investment Relief Fund (TIRF). The fund is administered by the Enterprise Growth Fund Limited (EGFL) and based on a formula of of historical revenues and stated cash losses in a determined period  funds were distributed to those tourism players who applied.

The recent announcement that one such player Silver Sands Hotel listed as having received TIRF monies $460,240.70 on the 27.05.2009  and $292,807.15 on 18.11.2009 was closing its doors has caused eyebrows to be raised. As if that news was not enough BU sources confirmed that the owners of the hotel shared in the purchase of a 56ft cabin cruiser which is based at Port St. Charles. BU is therefore forced to ask the $64,000.00 question. Should the Wards who own Silver Sands Hotel be forced to repay $753, 047. 85? Why would a 130 room hotel which received an injection of funds of such a significant amount have failed so quickly? Bear in mind the objective of the TIRF  is the protection of employment levels within the sector.

BU reviewed the list of tourism players which received TIRF monies and frankly was floored at some of the names – we have listed a few below:

Date Company Amount
10.1.2009 Skeete, Best & Co $60,000.00
10.1.2009 Skeete, Best & Co $40,000.00
27.5.2009 Silver Sands Hotel $460,240.70
27.5.2009 Indar Weir Travel $10,937.68
27.5.2009 WMB Financial Tech – Indar Weir $12,000.00
27.5.2009 All Seasons Resort $53,966.60
28.5.2009 MDG Corp Service – Tech Ass WSB $1,462.00
04.6.2009 Elegant Hotels $1,107,102.77
26.06.2009 Skeetes, Best & Co $60,500.00
18.11.2009 Elegant Hotels $575,764.82
18.11.2009 Executive Rentals $104,178.03
18.11.2009 Cliff Restaurant $231,269.40
18.11.2009 Sandpiper Inn $264,429.77
18.11.2009 Radical Watersports Inc $11,093.62
18.11.2009 SCC Ltd $244,095.57
18.11.2009 Casa Grand $53,545.00
18.11.2009 Silver Sands Hotel $292,807.15
18.11.2009 Travel Essentials $27,189.88

In future if the government sees a need to provide TIRF monies to any sector, BU recommended that directors of companies who apply sign off on personal guarantees among others. Taxpayers money is not monopoly money!