International oil company begins quest for oil in Jamaica’s southern waters

According to a report by Irie FM, an international Oil Company, Tullow Oil has begun exploration for gas and oil off the south coast of the island.

The exploration for the two natural energy sources is being carried-out under a production sharing agreement with Tullow Oil and the Petroleum Corporation of Jamaica (PCJ).

Group general manager of the PCJ, Winston Watson says the results from the agreement will not be visible within the short-term, as the real benefits for this exercise will take years to be seen.

oil in Jamaican waters
Image Source: news.nationalgeographic.com

Meantime, Business Unit Manager for Tullow Oil, John Mckenna explains that the company’s reason to venture into Jamaican territory was due to the environmental conditions around the exploration area.

  

He says the company has had success with similar conditions, around the globe.

The agreement can last up to, but not exceeding 25 years for the first instance and then can be renewed, for another twenty-five years.

The exploration can take-up to seven and a half years with a production phase of up to nineteen-and-a half years.

The Tullow Oil Company began work on November 1.

Source: Irie FM

If you like this article please consider joining our Forum HERE to help us grow.


Remember to share this article on Facebook and other Social Media Platforms. To submit your own articles or to advertise with us please send us an EMAIL at: [email protected]. Subscribe to our mailing list to get new articles sent to you automatically.

  
0 0 votes
Article Rating
Subscribe
Notify of
guest

4 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments