Barbados is increasing its search for offshore oil and gas. The country hopes to attract major energy companies to explore its waters. Officials believe successful discoveries could boost the economy.

The renewed effort follows major oil discoveries in Guyana and Suriname. Those discoveries have encouraged other Caribbean nations to examine their own offshore resources. Barbados believes it may also have significant oil and gas deposits.

Energy Minister Kerrie Symmonds recently announced that 19 deepwater offshore blocks are available for bidding. Government studies suggest Barbados could have more than 13 billion barrels of oil and over 40 trillion cubic feet of natural gas. Officials based these estimates on seismic surveys conducted in offshore areas.

The government wants experienced companies to take part in the bidding process. Officials say companies must have the skills to operate in ultra-deep water. They also want firms with strong environmental and safety records. Interested companies have until early September to submit proposals.

Barbados currently produces just over 1,000 barrels of oil per day from onshore wells. However, officials believe offshore production could bring much greater economic benefits if major reserves are found.

The push comes as Guyana’s oil industry continues to expand. Production there is expected to reach one million barrels per day soon. Suriname also plans to begin offshore oil production in 2028.

Interest in offshore energy is growing across the Caribbean. Jamaica recently reported encouraging results from offshore studies. Grenada is also reviewing past data as it seeks to attract investors for future exploration.