Barbados has begun direct negotiations with companies interested in offshore oil and gas exploration, with the government saying environmental performance and methane management will be key considerations in selecting future partners.
Acting Prime Minister and Energy Minister Kerrie Symmonds said negotiations began this week and will continue through Sept. 1 under the country’s Offshore Petroleum Act, after which Barbados will determine which companies or entities will advance as partners.
The government is deliberately pursuing direct negotiations to better align offshore oil and gas development with Barbados’ longstanding reputation as a leader in renewable energy, Symmonds said in comments published by Barbados Today.
Barbados is offering up to 19 offshore blocks across shelf and deepwater areas through the direct negotiation process, which formally opened on June 1. The government said it is seeking experienced energy companies committed to technical excellence, environmental stewardship and regulatory transparency, while requiring prospective partners to demonstrate expertise in methane management and emissions reduction as part of its broader climate strategy.
“We want to have companies that practice decarbonization,” Symmonds said.
Barbados paused its offshore petroleum process after 2022 to reassess its approach and ensure future exploration activities are conducted by companies capable of demonstrating strong environmental stewardship, Symmonds said.
The minister said advances in methane-management technology since 2022 have influenced the government’s thinking as it seeks to balance hydrocarbon development with environmental responsibility.
“We understand quite clearly that methane is perhaps the most potent of the greenhouse gases,” Symmonds said. He added that Barbados wants to work with companies that have demonstrated an ability to effectively manage methane emissions while operating in the oil and gas sector.
The minister also pointed to a cabinet-approved multi-energy strategy that seeks to accelerate Barbados’ renewable energy transition while balancing considerations of energy security, economic resilience and responsible resource development.
Several Caribbean countries are seeking to assess the hydrocarbon potential of their exclusive economic zones following ExxonMobil’s discovery of more than 11 billion barrels of oil equivalent offshore Guyana, a series of finds that has transformed the country into one of the world’s fastest-growing oil producers.
