Photo courtesy cbji.blogspot.com
Is the Caribbean sitting on commercially viable oil reserves and what impact would successful finds have on the region? This question will be explored on 22 May at the inaugural British Foundation of the University of the West Indies debate entitled “New Caribbean oil exploration: high risks, high rewards?” to be held at the Royal Commonwealth Society, 25 Northumberland Avenue, London WC2N 5AP at 6.30pm.
In the context of 14 Caribbean countries, including the Guianas, recently opening their territorial waters to deep water exploration for oil and gas and the uncertainty surrounding the Petrocaribe programme since the death of Hugo Chavez, this question has become hugely topical.
Spanish energy company Repsol and the U.K.’s Tullow Oil PLC are negotiating new licenses, but Belize has stopped offshore oil drilling for environmental reasons. “With the producing oil and gas fields, recent large gas discoveries in the T & T offshore and a producing oil field on Barbados, I strongly believe that commercial hydrocarbons will be found in the unexplored Eastern Caribbean offshore area “, says Halvor S Snarvold , Managing Director Windward ( Barbados ) Exploration Ltd., a UK based oil and gas exploration company.
Will these potential windfalls be a blessing or a curse? Will newly enriched countries be able to balance the economic gains with the political, environmental and technological risks? Can Caribbean institutions face up to the challenges of getting a fair deal from multinational oil companies and use the earnings to develop their economies?
These questions will be debated by some eminent thinkers on regional issues:
Dr Veronica Broomes. Photo courtesy www.talkaction.org
Dr. Veronica Broomes, consultant on sustainability and corporate social responsibility with over twenty years’ experience in the Caribbean.
David Jessop
Mr. David Jessop, Managing Director of the Caribbean Council, an advisory body and representative of the regional private sector.
Sir Ronald Sanders
Sir Ronald Sanders KCMG AM, visiting Fellow at the Institute of Commonwealth Studies in London and is a widely respected commentator on economic, political and social policy in the Caribbean.
Calvin Walker. Photo courtesy www.legalweek.com
Mr. Calvin Walker, head of the Project Finance practice group at the international law firm, Baker and McKenzie, focusing on the financing of international energy and infrastructure projects, particularly in the Middle East, CIS and Russia.
Mr. Halvor S Snarvold Managing Director of Caribbean Exploration Limited of London, with 33 years’ of experience with major and independent oil companies, including Mobil, Texas Eastern and Enterprise Oil.
The debate is the first in a series to be hosted by the British Foundation of the University of the West Indies, a UK registered charity whose mission is to raise the profile of the Caribbean’s premier academic institution, make links with British academic institutions and connect with Caribbean descendants in the UK, who might be enticed by the opportunity to study for a highly respected degree at a fraction of the current costs in the UK.
Named after Dr. Eric Williams, one of the iconic thinkers of his generation who was instrumental in shaping Caribbean identity and nationalism, the debate series will seek to provoke discussion on important economic, cultural, political and social issues of interest to the Caribbean and the UK.
Further information and tickets for the debate are available by emailing: [email protected] or contacting [email protected].
