BNOCL powering the economy

Barbados has diversified the island's economy from its historical reliance on sugar so that today, balanced and sustainable growth also comes from strong performances in three key sectors - tourism, financial services and energy.

The Barbados National Oil Co Ltd, established in 1892, spearheads the local energy sector and satisfies around 30 percent of the country's overall consumption of oil and natural gas.

BNOCL's upstream activities are focused on onshore exploration and production.

In the last two decades, BNOCL has produced 10 million barrels of crude oil, 22.8 billion 645.6 million cubic meters of natural gas and 274,000 barrels of liquid petroleum gas.

The company ships local crude to a refinery in Trinidad and in return receives fuel that supplies 80 percent of Barbados Light and Power Ltd's gas needs and helps prop up the island's industrial and commercial sectors.

As well, BNOCL imports and distributes additional petrol, diesel and aviation fuel needed by the island's 285,000 inhabitants. It also supplies the National Petroleum Corp, the State-owned organization set up to market natural gas to commercial, industrial and domestic customers in Barbados.

BNOCL has an excellent health and safety record and commits to the highest environmental standards. The company has an active corporate social responsibility program and is involved in many youth and community development activities.

Provided by Asia International Reports

(China Daily 03/25/2016 page10)