DEVELOPMENT OF Barbados’ offshore petroleum sector as a major plank of the economy is in for a boost with international oil exploration giant BHP Billiton set to sign exploration documents shortly.
Prime Minister Freundel Stuart, who is also Minister of Energy, will join Billiton’s principals in signing the contract documents and make a public statement on the matter.
Minister of Finance Chris Sinckler made the disclosure while delivering a ministerial statement on the economy in the House of Assembly yesterday morning.
Sinckler said Barbados had initialled an exploration licence with Billiton “to begin the search for oil and gas offshore”. These prospects “look exceedingly promising”, he reported.
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