Jamaica to promote offshore oil and gas exploration

Oct 27, 2009 01:00 AM

Jamaica will next March embark on an aggressive promotional strategy geared towards securing investments in offshore oil and gas exploration.
Joint stakeholder from the ministries of energy mining and, industry, investment and commerce and the Petroleum Corporation of Jamaica (PCJ) met on October 21 2009, to explore the strategies for promoting Jamaica's offshore oil and gas potential. According to senior consultant at the PCJ, Dr Raymond Wright, given the rising cost of oil globally, the investment community will be in search of new and viable prospects in the medium term.

Wright said the prospects of finding oil and gas in Jamaica's territorial waters is promising given the seismic research being conducted. With the last formal bidding round taking place in 2005, energy minister James Robertson gave his commitment to multi-agency approach to ensuring the 2010 bidding round is successful.
The promotional activities for the 2010 round will begin in London in March. This will be followed by promotional activities in New Orleans and Barcelona in April and June, respectively.

CGGVeritas completed of an extensive multi-client long-offset 2D survey offshore Jamaica earlier this year.
The survey was conducted in cooperation with the Petroleum Corporation of Jamaica (PCJ) to complement the second official offshore Jamaica licensing round.

Source / Jamaica Observer
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