Jamaica Not Ready to Declare Oil Find – PCJ

The Petroleum Corporation of Jamaica, PCJ, says while indicators are relatively positive, Jamaica is not yet at a point where it can declare an oil find.

The PCJ says it’s not in a position to predict with certainty the presence of oil and gas in commercial quantities.

The Corporation says it can confirm that although work is progressing steadily, Jamaica has not struck oil and the exploration process continues.

It says while an initial interpretation of data has revealed positive indicators of the potential presence of fluids, at this point there is no scientific confirmation of the actual presence of oil or gas.

The PCJ says although the preliminary evaluation showed signs which suggest prospective resources of as many as 200 million barrels, the information is at best, indicative and cannot be considered conclusive.

It says the detailed risks associated with these prospective resources can only be determined if a well is drilled.

The PCJ says In-keeping with established oil and gas industry protocols, a detailed analysis of the data which should be completed by the end of December will now be undertaken.

The final results of the survey will be among the factors which influences decision-making around a drill or drop decision with a final determination expected by 2020.




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