The Ministry of Energy and Business of Barbados said the 2022 Offshore Licensing round has been postponed to the first quarter of 2023. Before, it was scheduled to launch on December 1.
“Based on the fact that several companies have requested additional time to evaluate acreage and data, the Government of Barbados has made the difficult decision to postpone the licensing round for this short period 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,” said a notice on the Ministry’s website.
It added that the government is encouraged by the sustained interest shown in its offshore acreage and remains staunchly committed to partnering with industry pioneers to realise its offshore petroleum potential.
The government apologised for the inconvenience the delay has caused and said it welcomes further engagement, collaboration and discourse with the industry on matters relating to the licensing round.
This is the second time the round has been delayed. The Ministry had initially intended to launch the auction on November 1. It was Minister of State in Foreign Trade and Business for Barbados, Sandra Husbands who later revealed that the start date had been moved to December 1. With the present delay, there is no more certainty for the launch date of the licensing round than Q1, 2023.
OilNOW understands that the auction will open 22 offshore blocks for bidding by international oil companies (IOCs).