Jamaica could move to drill for oil off the coast of St Thomas within the next two years following encouraging early findings from a recent geo -chemical survey. <\/p>\n
The study, conducted by independent oil company United Oil and Gas, confirmed the presence of hydrocarbons in offshore soil samples \u2014 a key indicator of potential petroleum deposits.<\/p>\n
Science, Energy, Telecommunications and Transport Minister Daryl Vaz said the results mark an important step forward, but cautioned that Jamaica is still some way from actual production.<\/p>\n
\u201cThe results are very positive, but they are positive scientifically. They have seen traces; they haven\u2019t seen or touched the real deal,\u201d Vaz said at Wednesday\u2019s post-Cabinet press briefing.<\/p>\n
He noted that while the findings have generated interest, significant investment will be required to move to the next phase.<\/p>\n
Drilling a single well is estimated to cost between US$60 million and US$80 million, with at least 14 wells likely needed. The Government is now seeking international partners to finance the venture.<\/p>\n
\u201cIt\u2019s big money for us, but in the oil business that is not big money,\u201d Vaz said.<\/p>\n
He added that representatives of United Oil and Gas have already started engaging potential investors and are seeing growing interest from major drilling companies.<\/p>\n
\u201cThese are companies that would not have answered their calls a year ago,\u201d he noted.<\/p>\n
Even if funding is secured, Vaz said drilling would not begin before late 2027 or early 2028. He stressed that any move toward drilling will be subject to environmental and social impact assessments, stakeholder consultations, and Cabinet approval.<\/p>\n
The company currently holds only an exploration licence, meaning further negotiations with the Government will be required before any drilling agreement is finalised.<\/p>\n
\u201cI remain cautiously optimistic but definitely encouraged,\u201d Vaz said, pointing to the potential for the project to provide a much-needed boost to the country.<\/p>\n
– Corey Robinson<\/p>\n
Follow The Gleaner on X and Instagram @ JamaicaGleaner and on Facebook @ GleanerJamaica . Send us a message on WhatsApp at 1-876-499-0169 or email us at onlinefeedback @ gleanerjm . com or editors@ gleanerjm . com . <\/p>\n","protected":false},"excerpt":{"rendered":"Jamaica could move to drill for oil off the coast of St Thomas within the next two years…\n","protected":false},"author":2,"featured_media":607615,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[49,48,295,66],"class_list":{"0":"post-607614","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-environment","8":"tag-ca","9":"tag-canada","10":"tag-environment","11":"tag-science"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/607614","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=607614"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/607614\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/607615"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=607614"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=607614"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=607614"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}