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Jamaican company commits J$6.7 billion to offshore oil exploration

14/11/2014 by Sharon Shahzad

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The Petroleum Corporation of Jamaica (PCJ) says it will ensure that Jamaicans benefit, if oil is found from the recently announced gas and oil exploration project.

The exercise, which commenced on November 1, is being facilitated under a production sharing agreement (PSA) signed by the PCJ, and Tullow Jamaica Limited.

An exploration licence has been issued to the firm, which has committed some J$6.7 billion (One Jamaica dollar=US$0.0089) to undertake activities off the island’s south coast.

PCJ manager, Oil and Gas, Brian Richardson, said the PCJ will ensure that the project “brings the benefits that we desire,” if the survey results in the discovery of oil.

“We worked very hard to get someone like Tullow Oil on board and it is our earnest wish that as we go forward, it brings the benefits that we desire. The PCJ and its team will ensure that we commit all the resources that we do have to ensure that Jamaica gets the fullest benefit from the programme being implemented,” he said.

Richardson said the project will have several phases.

“In each of those phases, the explorer, Tullow Oil, will be looking to build on the knowledge of the past and continue to use their internal expertise, develop on that knowledge and hopefully point to a place where we could go on to a more detailed seismic work, using sound waves to investigate under the surface,” he added.

This article has been extracted from http://www.caribbean360.com/, please click on this link to read the article in full http://www.caribbean360.com/business/jamaican-company-commits-j6-7-billion-to-offshore-oil-exploration#ixzz3J3UXQVkL

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