As Caribbean neighbor Guyana’s oil industry is poised to boom this year, Jamaica’s search for the commodity has stalled.

Energy Minister, Fayval Williams, says the entity which was searching for oil off Jamaica’s coast has been forced to halt operations due to financing.

Tullow has been prospecting for oil in Jamaica since 2014.

It found promising indications of gas and oil offshore after a 2018 3D seismic survey.

However, the survey on its own was not proof positive of the commodity which necessitated actual drilling.

Minister Williams was questioned by Opposition Spokesman on Energy, Phillip Paulwell, as to whether the Ministry will seek to have another company, Repsol, which has greater financial backing, continue the work.

But, she says that despite their best efforts that company is no longer interested.

The Energy Minister also says while efforts have stalled, Tullow, still has rights to the area that the potential oil find is located.

Fayval Williams, Minister of Science, Energy and Technology.

She was speaking last week at Parliament’s Standing Finance Committee.

The Energy Minister says the introduction of Liquefied Natural Gas, LNG, has not had the desired effects on electricity prices as of yet.

She says this is as a result of capacity issues due to new Independent Power Producers.

She says the government has seen some benefits from the diversification of the energy mix.

However, Ms. Williams says the need for a quick return on capital investment for LNG, true price reductions, are not materializing.

But, the Minister says with the introduction of more renewable sources of energy over the next two years the country should see reductions in energy costs.

Fayval Williams, Minister of Science, Energy and Technology.

The Minister was speaking at today’s sitting of Parliament’s Standing Finance Committee.