Jamaica is years away from being able to declare a commercial oil find.
That’s according to Energy Minister Fayval Williams.
Speaking on Nationwide This Morning with Kalilah Reynolds and Patria Kaye Aarons, the Energy Minister argued that expectations have been lifted too early.
Minister Williams says Tullow Oil, which holds 80% of the license for the Walton Morant block of Jamaica’s waters, has so far reported spending some US$33-million looking for signs of oil in commercial quantity in Jamaica.
She says they’re still in the process of analyzing detailed maps of the seabed to determine whether to take the next step and drill.
According to a press release by United Oil and Gas in February, new data indicate there are some 229-million barrels of recoverable oil and gas offshore Jamaica.
United owns the other 20% of the license.
Minister Williams is describing the numbers as “guesstimates”.
She says it would take a few more years to determine whether Jamaica has oil.
Jamaica signed a Production Sharing Agreement with Tullow Oil in November 2014.
Minister Williams says she’s now familiarizing herself with the agreement, and will get a legal interpretation.