BHP Billiton has obtained oil exploration licences from the government of Barbados.
The Australian mining, oil and gas giant said it plans to explore an area of 5000 square kilometres about 40km southeast of the Caribbean island, in waters up to 2000m deep.
Government approval of BHP Billiton’s environmental plans is still needed before it can launch the first three-year phase of exploration, which includes a 2D seismic survey.
A 3D seismic survey could follow along with drilling of exploration wells.
The government would receive royalty and tax payments if the exploration is successful.
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