Barbados is preparing to pursue direct negotiations with ExxonMobil as Government seeks to advance opportunities in the offshore oil and gas sector, Senior Minister and Minister of Energy and Business Kerrie Symmonds has announced.
Addressing the recent opening reception of Global Business Week 2026, hosted by BIBA, the Association for Global Business, at Hotel Indigo, Hastings, Christ Church, Symmonds disclosed that he had approved a recommendation for Cabinet to begin discussions with the international energy company.
“As recently as this morning my Permanent Secretary would have sent me a paper which . . . I have approved, in which we will take to Cabinet a recommendation that we begin to have direct negotiations with Exxon Mobil,” he said.
The minister also revealed that Cabinet had approved similar discussions with BG International, a subsidiary of Shell, while discussions with French energy company TotalEnergies had already begun.
“As recently as last week, Cabinet approved similar discussions beginning with BG International which is a subsidiary of Shell. A little while ago we did it with Total Energies out of France,” he said.
Symmonds indicated that further international companies were expected to engage with Government over the coming months.
“And there is a long line, a long queue behind them, which over the course of the next two or three months, will also be coming to have direct negotiations with the Government,” he said.
Describing the opportunities emerging in the sector, the minister added: “Therefore, what does this mean it means that that acreage offshore which is now pregnant with opportunity is an acreage which can bring us significant advancements financially and in terms of our relevance to the wider world.”
Symmonds emphasised that the anticipated developments must create opportunities for Barbadian businesses, supported by legislation to facilitate local participation in emerging industries.
“I do not want to go there only with the Government, I want to go there with you,” he told the gathering.
He said Government was preparing local-content legislation covering renewable energy, oil and gas, and the pharmaceutical sector.
“We already have the legislation in draft,” he said, adding that it would be brought before the House of Assembly shortly.
The minister said the objective was to ensure Barbadian businesses could participate in new economic opportunities, expand their operations, employ more people and generate greater wealth.
“It means transformation,” Symmonds said, linking the proposed legislation to the theme of Global Business Week – Resilience: Adapting, Transforming, Thriving. (PR/SC)