PCJ to Get Oil Survey Findings by October
By: , June 9, 2016The Key Point:
Photo: Donald Delahaye
Manager for Oil and Gas at the Petroleum Corporation of Jamaica (PCJ), Brian Richardson (left), speaking at a JIS ‘Think Tank’ on June 1, at the company’s head office. . At centre is Group General Manager for the Petroleum Corporation of Jamaica (PCJ), Mr. Winston Watson and at right is Manager, Information and Corporate Communication, Camille Taylor.The Facts
- Oil and Gas Manager at the PCJ, Brian Richardson, told a recent JIS ‘Think Tank’ that based on the evaluation from the seismic survey, the company will determine whether it wants to move on to the next step, which is to do a more detailed imaging of the ocean’s surface.
- “If they believe they can get a return, they are willing to risk money up front,” Mr. Richardson said.
The Full Story
The findings from the recent preliminary seismic survey in the search for oil should be made available to the Petroleum Corporation of Jamaica (PCJ) by October this year.
The survey was done by Tullow Jamaica, a subsidiary of Tullow Oil, which is based in the United Kingdom.
Oil and Gas Manager at the PCJ, Brian Richardson, told a recent JIS ‘Think Tank’ that based on the evaluation from the seismic survey, the company will determine whether it wants to move on to the next step, which is to do a more detailed imaging of the ocean’s surface.
He pointed out that the company selected Jamaica because they had seen enough, and wanted to progress to the different levels of exploration.
“If they believe they can get a return, they are willing to risk money up front,” Mr. Richardson said.
Meanwhile, Group General Manager for the PCJ, Winston Watson, explained that Jamaica, not being an oil-producing country, imports 90 percent of its oil.
Therefore, the country invites oil exploration companies to come in. These companies lease different areas of the country and conduct seismic activities over time. Based on the findings, they make a decision.
If there are indications that oil and gas are in commercial quantities, the next step is to drill a well, Mr. Watson said.
Tullow Oil and the PCJ signed a Production Sharing Agreement in November 2014. Initial surveys began in February 2016, and were completed in early March.