By Monique Hepburn, Staff ReporterWESTERN BUREAU:
AS THE race to tap into cheap energy sources gains momentum internationally, Jamaica has joined other countries in exploring its territorial waters in the hope of finding crude oil and natural gas. Explorations by government-licensed companies are scheduled to start by as early as March 2005.
"Based on the data we have managed to compile, we are at the stage to entice explorers," said Minister of Commerce Science and Technology (Energy), Phillip Paulwell in an interview with The Gleaner on Monday. "The coast off the Pedro Banks is being considered and not necessarily for crude oil but also for natural gas. The environment (for exploration) is perfect because of the acquired perception that established (oil) reserves are depleting," the minister added.
CONFERENCE OF EXPLORERS
According to Jamaica's energy minister, he will be attending a conference of explorers in Chicago in October with the hope of enticing them to invest in Jamaica. He intends to award contracts as early as January and notes the exploration efforts will not be costing the Jamaican government. "Government does not plan to spend any money because we expect the private sector to stand by this effort," said Mr. Paulwell.
Jamaica's recent decision to search for oil comes on the heels of the second meeting of Energy Ministers of the Caribbean and Venezuela. The Petrocaribe Initiative that was born out of this joint partnership exists as a multi-lateral instrument to facilitate the provision of cheap oil and oil products to the Caribbean. The meeting was held in Montego Bay last week. In the 1970's Jamaica invested US$18M ($11 billion) in oil exploration but the effort was impeded by the limitations in deep-sea mining efforts at the time, as it was only possible to drill to one kilometre below the surface of the sea.
Last week the energy ministers of 12 Caribbean territories gathered to fine tune the merits of the Petrocaribe Initiative being spear-headed by Trinidad and Tobago and Venezuela. The agreement, slated to be ratified by next January, seeks to make monetary provision for data collection, oil exploration and social and infrastructure development.
