Barbados holds offshore petroleum acreage comprising more than 70,000 square kilometres,
Extensive seismic surveys have been carried out over a large area of the Barbados offshore previously which has exposed considerable potential in this unexplored acreage. There is also encouraging evidence of a correlation with the producing areas of Trinidad & Tobago.
Currently 2 operators are active in the Barbados blocks, BHP Billiton was awarded 2 licences (Bimshire and Carlisle blocks) with Repsol being awarded a single licence (Black Belly block).
BHP Billiton is now in the final stages of approval for their Environmental Impact Assessment (EIA) process with ambitions to run a 3D seismic survey within the next 12-18 months.
Caribbean Oilfield Services (Barbados) Ltd has been established in Barbados since 2015 and was setup to support the offshore sector as it developed. Latest announcements indicate that offshore activity will begin in 2019.
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Enhanced Oil Recovery (EOR) is a system to improve and further increase oil production through tertiary recovery methods. Although more expensive to employ on a field, EOR can significantly increase production from an Oil well by up to 75%
An Enhanced Oil Recovery (EOR) feasibility study is due to be performed on the Woodbourne onshore oil field in Barbados in the near future.
The purpose of the study is to understand whether the production levels can be increased using Enhanced Oil Recovery methods.
Once complete the findings based on four candidate wells (currently suspended) can be scaled up to a potentially field-wide operational plan.