Natural resources and energy
In Barbados, there are both oil wells and
natural gas deposits, but extraction is limited and has
declined since the turn of the millennium. Most of the
energy demand is covered by imports. Limestone, sand and
shale are extracted for use in the construction
industry.
Oil production corresponds to between 10 and 20
percent of the oil consumed. Crude oil is exported to
Trinidad and Tobago; Barbados' only refinery was closed
in 1998 when it became cheaper to refine the oil in the
neighboring country. This arrangement was said to be a
reason why Barbados stood outside the cheap oil import
agreement that several Caribbean states signed in 2005
with Venezuela.
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COUNTRYAAH:
Major exports by Barbados with a full list of the top products exported by the country. Includes trade value in U.S. dollars and the percentage for each product category.
For a long time there were plans to build a 30-mile
pipeline for imports of natural gas from Trinidad and
Tobago, but plans have been put on ice. The gas is
mainly used for electricity generation.
Oil and gas extraction takes place in about 100
smaller sources in the southern part of Barbados and is
managed by the state-owned company BNOC (Barbados
National Oil Company). Plans for the privatization of
BNOC have not been realized. Foreign oil companies,
however, have been granted the rights to search for and
extract oil and natural gas in the sea areas around the
island. There may be considerable deposits, but they are
difficult to access in deep water, making extraction
expensive.
Some investments are made in alternative energy
sources. Barbados is not least far ahead in the use of
solar power to supply households with hot water.
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Abbreviationfinder: A popular acronym site in the world covering abbreviation for each country. For example, BB stands for Barbados.
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FACTS - ENERGY AND ENVIRONMENT
Energy use per person
1,452 kilograms of oil equivalent (2007)
Carbon dioxide emissions in total
1 272 thousand tonnes (2014)
Carbon dioxide emissions per inhabitant
4.5 tons (2014)
The share of energy from renewable sources
2.8 percent (2015)
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