Tweet
New Licensing Round For Jamaican Offshore Blocks
Wednesday, December 16, 2009
Jamaica is set to launch a new bidding round for 19 offshore blocks in early 2010, according to Raymond Wright, a consultant at government-owned Petroleum Corporation of Jamaica (PCJ). Wright added that the new bidding round will be launched in London in March of next year, before moving onto Houston, Texas in April. The Jamaican government hopes to complete the tender by mid-January 2011. This is set to become the country's second licensing round since it launched its first one four years ago.
While there is presently only minimal exploration activity ongoing offshore Jamaica, the country does not produce any oil or gas and does not hold any proven oil or gas reserves. Nonetheless, Wright has said that he is hopeful that the new bidding round will attract foreign oil companies' interest. In the wake of the global economic crisis, investment is starting to trickle back into energy once again.
In order to decrease its imports, Jamaica's National Energy Policy 2006-2020 focuses on energy conservation and the diversification of energy sources, with particular emphasis on renewable energy. Its geographical proximity to other hydrocarbon-wealthy Caribbean states, including: Cuba, Venezuela and Trinidad & Tobago, has already attracted some international oil companies' interest.
As things stand, 12 blocks offshore Jamaica are leased out under production sharing agreements to foreign oil companies. Australia's Gippsland Offshore Petroleum (GOP) and Finder Exploration have formed a 50-50 joint venture, known as Jamaica Joint Venture, through which they explore 5 of the 12 offshore blocks. Finder Exploration believes that its blocks may contain recoverable oil reserves in excess of 5 billion barrels. Meanwhile, Canadian form Rainville Energy is exploring 3 blocks, and Proteam of Hong Kong has been awarded the remaining blocks. Back in January of this year, the PCJ inked an deal with Wavefield Inseis (which has since been bought out by CGG Veritas) for seismic studies to be undertaken over those areas that have not yet been awarded for exploration. Under the agreement, CGG this year undertook a Multi Client Survey over a 6,118km region. In addition, CGG also acquired 2,594km of seismic data on behalf of Rainville Energy for the block that they own. The seismic surveys were completed by the end of June ahead of the newly-announced licensing round scheduled for next year.
Review all our latest Licensing news
© OilVoice - http://www.oilvoice.com/n/New Licensing Round For Jamaican Offshore Blocks/a5497f7db.aspx
Wednesday, December 16, 2009
Jamaica is set to launch a new bidding round for 19 offshore blocks in early 2010, according to Raymond Wright, a consultant at government-owned Petroleum Corporation of Jamaica (PCJ). Wright added that the new bidding round will be launched in London in March of next year, before moving onto Houston, Texas in April. The Jamaican government hopes to complete the tender by mid-January 2011. This is set to become the country's second licensing round since it launched its first one four years ago.
While there is presently only minimal exploration activity ongoing offshore Jamaica, the country does not produce any oil or gas and does not hold any proven oil or gas reserves. Nonetheless, Wright has said that he is hopeful that the new bidding round will attract foreign oil companies' interest. In the wake of the global economic crisis, investment is starting to trickle back into energy once again.
In order to decrease its imports, Jamaica's National Energy Policy 2006-2020 focuses on energy conservation and the diversification of energy sources, with particular emphasis on renewable energy. Its geographical proximity to other hydrocarbon-wealthy Caribbean states, including: Cuba, Venezuela and Trinidad & Tobago, has already attracted some international oil companies' interest.
As things stand, 12 blocks offshore Jamaica are leased out under production sharing agreements to foreign oil companies. Australia's Gippsland Offshore Petroleum (GOP) and Finder Exploration have formed a 50-50 joint venture, known as Jamaica Joint Venture, through which they explore 5 of the 12 offshore blocks. Finder Exploration believes that its blocks may contain recoverable oil reserves in excess of 5 billion barrels. Meanwhile, Canadian form Rainville Energy is exploring 3 blocks, and Proteam of Hong Kong has been awarded the remaining blocks. Back in January of this year, the PCJ inked an deal with Wavefield Inseis (which has since been bought out by CGG Veritas) for seismic studies to be undertaken over those areas that have not yet been awarded for exploration. Under the agreement, CGG this year undertook a Multi Client Survey over a 6,118km region. In addition, CGG also acquired 2,594km of seismic data on behalf of Rainville Energy for the block that they own. The seismic surveys were completed by the end of June ahead of the newly-announced licensing round scheduled for next year.
Review all our latest Licensing news
© OilVoice - http://www.oilvoice.com/n/New Licensing Round For Jamaican Offshore Blocks/a5497f7db.aspx
Comment