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JIS News

Jamaica opened the second formal licensing bid round for oil and gas exploration, with a seminar in London that publicised new seismic data which indicate very positive geological prospects for oil and gas found both on and offshore.
The seminar was held at the Geological Society of London, under the theme, ‘New Prospects, New Opportunities’.
Minister of State in the Ministry of Energy and Mining, Hon. Laurence Broderick, told the seminar that Jamaica, as a frontier country, now represented a positive opportunity, as the demand for oil increases and exploration moves away from mature basins into frontier provinces.
“The available frontier provinces range from the arctic to parts of Africa and the Caribbean. Jamaica therefore presents an opportunity for enhancing the regional hydrocarbon resource endowment,” he said.
He told JIS News the experts were confident that the island’s geological formation suggests a very high possibility of a successful gas and oil find.
“Jamaica has been at this (oil exploration) from as far back as 1956. There was a pause and we got active again in 2004. The experts are confident that the geological formations that exist suggest very high possibility of us being successful in gas and oil find,” Mr. Broderick said.
Group Managing Director of the Petroleum Corporation of Jamaica (PCJ), Dr. Ruth Potopsingh, said this second licensing bid round would run until March, 2011. She said it was prompted by the acquisition of new seismic data.
“The data indicated geological prospects which we believe will be attractive to the exploration industry. Therefore, we are excited and confident that the environment is right for attracting serious interest in oil and gas exploration in Jamaica,” she said.
Dr. Potopsingh told JIS news that she was confident, as one geoscientist had indicated, that there were at least 10 prospects that contained a huge volume of oil and gas.
The seminar was aimed at key figures in the oil and gas sector. It provided detailed technical presentations from a panel of experts. Many participants were impressed with the detailed information and data provided.
Vice President and Senior Advisor at CGGVeritas, Nick Bright, said he was impressed with the detailed presentations that were made. He said this indicated that the Jamaican Government was serious about oil exploration.
This was echoed by Hakon Damen of Dawson Park Oils and Gas, who said that the information was very good and thorough.
“It shows that the Government is ready and serious”, Mr. Damen said.

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