Barbados could be sitting on more than 13 billion barrels of offshore oil and over 40 trillion cubic feet of natural gas, with Government now formally beginning the process of identifying international companies to help determine whether those resources can be commercially developed.

Minister of Energy, Business Development and Commerce Kerrie Symmonds, who is also acting as Prime Minister, yesterday revealed the findings of extensive seismic surveys during the launch of Government’s direct negotiations process for offshore exploration, describing the potential reserves as a significant opportunity to strengthen the island’s long-term energy security while creating new economic opportunities.

The announcement, at the Ministry’s Warrens Office Complex in St Michael, marks a major step in Barbados’ decades-long search for offshore hydrocarbons and comes as the country seeks to reduce its dependence on imported fossil fuels while continuing its transition towards renewable energy.