Gov’t to announce new oil and gas licence
The Petroleum Corporation of Jamaica (PCJ) says it has reached an agreement with a company to undertake oil and gas exploration in Jamaica.
The PCJ says it has been aggressively pursuing the matter and these efforts have now borne fruit.
It says the full details of the project will be outlined at a press conference next Tuesday.
In August, PCJ Chairman Christopher Cargill told The Gleaner that negotiations were at a critical stage with two companies regarding a licence to undertake oil and gas exploration.
Cargill said then that it may take about 18 months to complete a survey of the waters and another 18 months to complete drilling.
He pointed out that potential oil and gas fields have been identified in the southern waters of the island.
The PCJ chairman said previous surveys showed that Jamaica may have both oil and gas, but the potential for gas is greater.
For years, Jamaica has been seeking to determine if the country has sufficient reserves of natural gas which can be utilised for commercial activity.
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