Barbados, BHP Billiton sign offshore exploration licences
MELBOURNE, Australia -- The Government of Barbados and BHP Billiton have signed exploration licences for two offshore blocks, Carlisle Bay and Bimshire.
The blocks are approximately 40 km southeast of the island nation, total about 5,000 km2, and are located in water depths ranging from approximately 1,200 m to 2,000 m.
Upon approval of an environmental impact assessment and environmental plan by the government, BHP Billiton will commence the first three-year phase, which includes conducting a 2D seismic survey on the blocks.
With favorable results, BHP Billiton may enter an optional second phase of three years, to perform a 3D seismic survey, followed by an optional third phase of two years, to drill exploration wells.
“These licences will provide long-term benefits to the Barbadian people and BHP Billiton shareholders alike,” said Minister in the Prime Minister’s Office, Senator Darcy Boyce.
“Should exploration efforts bear fruit, the Barbados National Oil Company will have an opportunity to participate in the resulting production and the government will receive royalty and tax payments," Senator Boyce added.
“Signing the exploration licences marks our first steps into exploration in Barbadian waters,” said Niall McCormack, V.P. Exploration, BHP Billiton. “Based on what we know about the geological trend in the area, we are optimistic about our chances of discovering hydrocarbons within these blocks."
