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.
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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