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Oil prospects - Barbados Today

Minister of Energy Kerrie Symmonds has defended Government’s push towards hydrocarbon exploration noting that oil and natural gas finds could mean significant foreign exchange earnings for the economy.What is more, he said an oil find would put the country in a position to fund its energy transition, which will require several components and could cost well over $1 billion for battery storage and billions more for the renewable energy mix needed.“You have to have a combination of things, You have to have wind - offshore more than likely - but an offshore small wind farm by the world standards, maybe 150 megawatts or 200 megatwatts, will cost this country $2 billion and it has to be financed,” said Symmonds.“Therefore we say to you, if we were to find the hydrocarbon resources, and we know there is a demand for the resources, we are quite prepared to sell to meet that demand to finance the way forward for this country’s purposes in so far as clean energy is concerned,” he said.
Source: Barbados Today - News You Can Trust.

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