Barbados PM says licenses will soon be awarded for oil exploration in 2 offshore blocks
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The leader of Barbados says his administration expects to soon award exploration licenses for two offshore blocks that he hopes may eventually provide a petroleum windfall.
Prime Minister Freundel Stuart says two acts recently passed by the Caribbean island's House of Assembly paved the way for offshore licenses to be granted to Australia-based BHP Billiton.
In a Tuesday statement, Stuart says his government has received offers from several companies to undertake speculative surveys in the area to evaluate where hydrocarbons might possibly be found.
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Stuart's administration is also investing in solar panels to diversify the island's energy grid.
Over the past year, exploratory wells drilled off Cuba have come up a bust. Companies have also been seeking oil off Guyana's coast but have failed to tap offshore deposits.