Barbados in push to monetize oil resources
Barbados National Oil (BNOCL) has launched a call to maximize the remaining value of its existing oilfield assets.
The deadline to submit documents in the request for proposals, which includes dormant wellbores, is July 31. For tender information, contact tenders@bnocl.com
The country is the smallest of Caribbean oil and gas producers and has seen output – all onshore – drop in recent years; a decline further impacted by COVID-19.
“In the absence of new production or production additions from enhanced recovery work, efforts were made to mitigate production decline by aggressively producing shut-in temporarily abandoned wells,” BNOCL’s annual report highlights.
The document adds that oil and natural gas reserves on March 31, 2022 were assessed at 1.91 million barrels and 4.11 billion cubic feet.
BNOCL production (Source: BNOCL)
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