RJR News / Encouraged by findings from two-dimensional seismic surveys conducted off the country’s south coast in the search for oil and gas in Jamaica, UK-based firm Tullow Oil will now be moving to three-dimensional surveying.
Energy Minister Dr. Andrew Wheatley made the disclosure on Wednesday at the opening ceremony for a three-day Natural Gas Conference in Kingston.
Tullow Oil has conducted two rounds of two-dimensional seismic surveys over the last 18 months.
Wheatley said this means that the data from previous investigations are encouraging so the explorers want to take a more in-depth look.
The Minister said this was a clear indication of the possible presence of oil and gas off Jamaica’s south coast.
Tullow Oil undertook the survey of 3,000 kilometres blocks off the south coast of Jamaica as part of the work programme outlined in an agreement signed with the Petroleum Corporation of Jamaica in November 2014.
Wheatley indicated that the next step to be undertaken by Tullow Oil marks the first time in the history of Jamaica’s oil and gas exploration programme that an explorer will carry out such detailed analysis of the country’s offshore.
Stable oil prices
Meanwhile, oil prices were stable on Thursday on expectations that Saudi Arabia and Russia would extend production cuts, although record U.S. exports and the return of supply from a Libyan oilfield dragged on the market.
Brent crude futures, the international benchmark for oil prices, were at 55 dollars 83 cents per barrel, up 3 cents from their previous close.
Russian President Vladimir Putin yesterday said that a pledge by the Organization of the Petroleum Exporting Countries (OPEC) and other producers, including Russia, to cut oil output to boost prices could be extended to the end of 2018, instead of expiring in March 2018.
The statement came ahead of a visit by Saudi Arabia’s King Salman to Moscow.