As a requirement of the Production Sharing Contract (PSC), Barbados National Oilfield Services Limited (BNOSL), a fully owned subsidiary, was incorporated to provide the services of Operator on behalf of the partners, BNOCL and WBL. The human and other resources of BNOCL held at December 31, 1996 were transferred to BNOSL to enable it to carry out this function.
During its second year of operations the PSC, through an extremely aggressive capital programme, achieved the highest annual level of crude oil, natural gas and LPG production ever recorded in Barbados in a single year. The programme included the fracture stimulation and gravel packing of 70 wells and the drilling of 21 development wells. The Project has however been unable to either further increase or sustain production and subsequent years have all witnessed decline.
Barbados National Terminal Company Limited
Barbados National Terminal Company Limited(BNTCL) , a fully owned subsidiary, was incorporated in February 1998. This company manages the importation and supply of gasoline, diesel and fuel oil. It also provides storage for the local crude oil to facilitate shipping to Trinidad. The BNTCL temporarily operated at the former Mobil Oil site at Needham’s Point but has since moved to its permanent location at Fairy Valley, Christ Church.
Barbados National Oil Holdings Limited
The BNOCL purchased the property at Woodbourne from which it had been operating its upstream operations for the previous 18 years.
A third subsidiary, Barbados National Oil Holdings Limited was incorporated to own and manage this property.
The purchase arrangements were completed in January 2000.
Asphalt Processors Inc.
In an effort to ensure a reliable and competitively priced asphalt supply, the company acquired a 30% equity interest in Asphalt Processors Inc.
The plant commenced operations in June 2001, and is located in the Lower Greys section of the oilfield.
The fuel oil for the process is imported from Suriname by the Marketing Division as part of their regular shipments.