BARBADOS HAS MADE a number of important amendments to its Offshore Petroleum Act to facilitate the search for oil in its exclusive economic zone while at the same time protecting the island’s financial and environmental interests.
Government has awarded three bid blocks for offshore oil exploration, two of which it has agreed to give BHP Billiton of Australia and one to Spanish energy giant Repsol.
The legislative changes the administration was seeking approval from the House of Assembly included an extension of the period for the oil companies to produce comprehensive Environmental Impact Assessment Studies (EIAS).
Prime Minister Freundel Stuart, who led debate on the amendment, said it was agreed that the 90 days in the legislation was too short and this has been extended to nine months for the EIAS to be completed. (GE)
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