Barbados has become the latest Caribbean country to begin the search for oil.
The Barbadian government has launched a new offshore licensing programme. They’re inviting international energy companies to apply for the right to explore for oil and natural gas in its waters.
The country is offering up to 19 offshore blocks covering parts of its ultra-deepwater acreage. Applications are open until September. Companies that qualify could begin negotiations later this year, with exploration licences potentially being awarded next year.
Now before anyone starts comparing Barbados to Guyana, it’s important to understand that no major offshore oil discovery has been made.
At this stage, Barbados is simply looking for companies willing to go out and search.
But the move puts Barbados squarely into what is becoming a growing Caribbean race for oil and gas.
Guyana is already producing nearly a million barrels of oil per day and has transformed itself into one of the world’s fastest-growing economies. Suriname has made major offshore discoveries and is preparing for first oil production. Trinidad and Tobago has been an energy powerhouse for decades. And Jamaica is also actively searching for oil and gas in its offshore waters.
In fact, Jamaica is actually further along than Barbados. While Barbados is only now seeking exploration partners, Jamaica already has an active exploration licence covering the Walton-Morant Basin off the island’s south coast. Recent seabed surveys have detected hydrocarbons, strengthening the case for future exploratory drilling.
But what’s particularly interesting is where Barbados is located.
The island sits in the southern Caribbean, just a few hundred kilometres from Trinidad and Tobago and not far from Guyana, Suriname and Venezuela—some of the region’s most significant oil-producing or oil-rich territories.
That proximity has fuelled speculation that Barbados could share some of the same geological characteristics that have made nearby discoveries so successful.
Government officials say seismic studies suggest Barbados’ offshore acreage could contain billions of barrels of oil and trillions of cubic feet of natural gas. However, those estimates remain unproven until exploratory wells are drilled.
FYI – this isn’t Barbados’ first attempt.
The island’s only offshore exploration well was drilled back in 2002. While it found signs of hydrocarbons, the discovery was ultimately deemed non-commercial.
This time, however, the landscape looks very different.
Guyana’s success has sparked renewed interest in offshore exploration across the Caribbean, with energy companies taking a fresh look at areas that were once overlooked.
Whether Barbados eventually joins the ranks of the region’s oil producers remains to be seen.
But one thing is clear: the Caribbean’s energy map is still being drawn, and Barbados wants to make sure it doesn’t get left out.
And that’s the Bottom Line.
So do you think Barbados could become the next Guyana, and if oil is eventually found there, what would that mean for the island’s reputation as a leader in renewable energy and climate action?
