Page 7 - LatAmOil Week 35 2022

LatAmOil BARBADOS LatAmOil

The ministry went on to say that it would accept
bids for an 11-month period beginning on
November 1, 2022. The government hopes to
announce the winning bidders on December
11, 2023, it stated.
Potential investors will be able to view the
available seismic data on all 22 blocks included
in the bidding round in the ministry’s virtual
data room between January 10, 2023 and April
10, 2023, provided that they have purchased
official offshore data packages and/or the req-
uisite amount of seismic data from one of three
approved and listed multi-client vendors, it
added. (It named those vendors as Geoex Multi-
client Geophysical of Norway, ION Geophysical
of the US and TGS of Norway.)
The ministry further noted that the gov-
ernment of Barbados had already established
the fiscal terms for the contracts it hoped to
sign as a result of the bidding round. All future
contracts will be in line with the Offshore Petro-
leum (Taxation) Act of 2007 and the Offshore
Petroleum Taxation (Amendment) Act of 2012,
it explained.
The government of Barbados has attracted
some criticism for pursuing offshore oil and gas
exploration while also promoting environmen-
tal sustainability.
However, Minister of Energy and Business
Kerrie Symmonds has shrugged off negative Map of offshore blocks from 2020 (Image: Ministry of Energy and Water Resources)
feedback, arguing that hydrocarbon projects
have the potential to boost the island state’s hydrocarbon resources while simultaneously
earnings, while also promoting development, advancing investment in renewable and alter-
economic diversification and job creation. native energy,” he remarked. “The answer to
Additionally, Symmonds said, Barbados this is because the government recognises the
believes there may be other benefits. “You importance of advocating for energy security
may, by now, be wondering why the govern- with an emphasis on the broad diversification
ment is pursuing the development of offshore of our energy mix and portfolio.” ™

GUYANA
Fifth development project at Stabroek will

include Uaru, Mako and Snoek oilfields

EXXONMOBIL (US) intends to target three ExxonMobil’s previous statements about install-
oilfields at the Stabroek block offshore Guyana ing larger floating production, storage and
within the framework of its fifth development off-loading (FPSO) vessels and extending the
project, according to the final terms of scope of scope of existing development projects in order
the environmental impact assessment (EIA) for to optimise outcomes at Stabroek, the news ser-
the project. vice noted. It also pointed out that Snoek would
The OilNOW.gy news service reported on have to be linked to the Uaru FPSO via tie-backs,
August 31 that the final terms and scope of the meaning that Snoek’s involvement effectively
US super-major’s EIA for the fifth development confirms the company’s other statements about
project stated that oil would extracted from using tie-backs in order to facilitate the develop-
the Uaru, Mako and Snoek fields. The EIA has ment of certain sections of the Stabroek block.
already been submitted to Guyana’s Environ- Tie-backs will be necessary because of the
mental Protection Agency (EPA), it noted. distance between Snoek and the site where the
The inclusion of Snoek is in line with Uaru FPSO is likely to be anchored.

Week 35 31•August•2022 www. NEWSBASE .com P7