Bridgetown.
The Government of Barbados will soon be awarding drilling licences to the United States based BHP Billiton for the off shore block Carlisle Bay and Bimshire,as it presses ahead with efforts to explore for untapped natural resources.
According to Prime Minister Freundel Stuart, the recent passing in the House of Assembly of the Offshore Petroleum Act and the Offshore Petroleum Taxation Act had paved the way for the exploration of Barbados' natural resources.
"It is expected that these acts when proclaimed, will usher in the development of a new era in the utilisation of Barbados untapped natural resources", Stuart told Trakker News.
He added that the legislation had been amended to make provision for direct negotiations with international oil companies and avoid having recourse to a licensing round if the Government chooses.
Stuart said based on the projections of the experts, there was evidence to support the existence of hydrocarbons in Barbados' offshore petroleum acreage.
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