Offshore Licensing Round postponed as partners request data Loop Barbados

The content originally appeared on: News Americas Now

Black Immigrant Daily News

The content originally appeared on: Barbados News

Barbados has taken the difficult decision to postponed the Barbados 2022 Offshore Licensing Round.

This Licensing Round was scheduled to commence on December 1, 2022, but it will now be launched in Q1, 2023.

The Ministry of Energy and Business made the announcement on its website, while assuring that government “remains staunchly committed to partnering with industry pioneers to realise its offshore petroleum potential”.

Giving reason for the change, the Ministry said that the decision is “based on the fact that several companies have requested additional time to evaluate acreage and data…” so this extension “for this short period [is] to satisfy those requests, and to complete critical amendments to the legislative and licensing frameworks that will allow the country to improve efficiency and ease of doing business within the sector.”

The government disclosed that their has been an encouraging response as countries and companies demonstrate a “sustained interest” in Barbados’ offshore acreage.

The Government of Barbados issued an apology for any inconvenience caused by the launch delay.

Caribbean Offshore map