CALL: 1-876-927-1779 | CARIBBEAN PETROLEUM UPDATE : JUNE 2016
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CARIBBEAN Petroleum Update A Publication of the Caribbean Energy Information System (CEIS)
June 2016 ISSUE
Offshore Exploration
in Jamaica: Oil and Gas Frontier In the past, only Venezuela and the islands of Trinidad and Tobago have exploited their deep-waters (ranging from 1000 to 4000 meters) for gas and oil and have had successful results. Other countries such as Bahamas, Cuba and Guyana have also been exploring deep waters. Today the technology and improvements in platform construction make it possible for other countries in the Caribbean region to drill and recover oil and gas from these depths. Guyana recently discovered more than 90 meters of highquality oil-bearing sandstone reservoirs. The well was safely drilled to 5,433 meters off the Stabroek Block some 120 miles offshore. With Guyana’s example of continued persistence yielding an oil find of close to 1.4 billion oil
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equivalents offshore, there may be a “silver lining” over the horizon for other Caribbean countries like Jamaica. In this issue of the Petroleum Update, we will look at the exploratory efforts of Jamaica for oil and gas resources offshore and its current status. Without even looking at the numbers, onshore or offshore exploration is expensive. Countries solicit investments from international oil companies that would bid in what is called bid rounds and given the right combination of expectations and return on investment, a contract is awarded. With oil prices rising and the demand for energy surging, it would be
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