BHP Billiton to explore Barbadian waters

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Image credit: bhpbilliton.com

BHP Billiton announced that it has signed exploration licenses with the Government of Barbados for two offshore blocks totalling 5,000 square kilometres.

Image credit: bhpbilliton.com
Image credit: bhpbilliton.com

The two blocks – Carlisle Bay and Bimshire – are located approximately 40 kilometres southeast of the island nation in waters ranging from approximately 1,200 to 2,000 metres in depth.

“Upon approval by the Government of an environmental impact assessment and environmental plan, BHP Billiton will commence the first three-year phase, which includes conducting a 2D seismic survey on the two exploration blocks,” the company said in a press release.

“With favourable 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.”

Adertisement

Senator Darcy Boyce, Minister in the Prime Minister’s Office, said the exploration licences would provide long-term benefits to both Barbadian people and BHP Billiton shareholders.

“BHP Billiton has committed to provide funds for training, environmental research and scholarships.  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,” Mr Boyce said.

“BHP Billiton’s activities will also create local employment opportunities. The Government of Barbados places great emphasis on safety, health and the environment and it is considered that BHP Billiton’s strong track record in the upstream oil and gas industry makes it an excellent partner to assist the country in realising its offshore petroleum potential.”

BHP Billiton Vice President Exploration Niall McCormack said signing the exploration licences marked the first steps into exploration in Barbadian waters.

“Based on what we know about the geological trend in the area, we are optimistic about our chances of discovering hydrocarbons within these blocks,” Mr McCormack said.

“At BHP Billiton, sustainability is one of our Charter Values.  We define it as ‘putting health and safety first, being environmentally responsible and supporting our communities.’  Everywhere we work, our operations are complemented by our commitment to social and economic development through activities such as educational initiatives, workforce training, environmental preservation and more. Barbados will be no exception.”