NEWS

Barbados Oil Exploration: Senator Darcy Boyce

Mr. Boyce has said that before Barbados can significantly benefit from oil deposits will be a long term investment.

2011/09/04 01:29 PM

By: Jeff

Barbados' Senator Dr. Darcy Boyce while on the call-in program Brass Tacks, on Voice of Barbados, gave a report on the country's status on offshore oil exploration and said that although there has been some positives in terms of seismic details which speak to a high possibility of there being the presence of oil. Mr. Boyce said that significant benefits to Barbados from major oil deposits will be a long term investment.

He has said that the government is in negotiations and is trying to get the best possible deal for the country. Boyce believes that it can be another 10 years, or more, before benefits from any deposits are realised.

The senator said that the oil exploration process might have been delayed because of the downturn in the world economy with the current recession, which has seen a downgrade in the Barbados economy on June 14 to Baa3, the lowest investment-grade level, by Moody's Investors Service.

A credit rating of Baa3 speaks to the credit worthiness of a corporation's or government debt issues and suggest an obligor has ADEQUATE capacity to meet its financial commitments. However, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitments. - wikipedia

The worldwide recession has also witnessed the United States economy being downgraded from a top-tier rating of AAA by Standard & Poor's, to a grade of AA-plus according to Standard & Poor's in their assessments of the economy. The United States, had had a AAA credit rating from S&P since 1941.

On the matter of a pipe line from the twin island republic of Trinidad and Tobago which was proposed by the Patrick Manning administration while his party formed the government, is at the negotiation level in order to secure the safety, and other issues, in the interest of all parties involved.

The report that oil exploration in Barbados will be a long term investment plan comes on the heels of two prophets who were here on the island. The last of the prophets, Prophet Agyemang (Agyeman) Prempeh had said there was about to be a Major Oil Discovery in Barbados within another few months. Trivester will wait and see.

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