Photo credit: Jamaica gleaner
Jamaica could move to drill for oil off the coast of St. Thomas within the next two years, following encouraging early findings from a recent geochemical survey.
The Gleaner reports that the study, conducted by independent oil company United Oil and Gas, confirmed the presence of hydrocarbons in offshore soil samples – a key indicator of potential petroleum deposits.
Science, Energy, Telecommunications and Transport Minister Daryl Vaz said the results mark an important step forward. He, however, cautioned that Jamaica is still some way from actual production.
“The results are very positive, but they are positive scientifically. They have seen traces; they haven’t seen pr touched the real deal,” Vaz said at Wednesday’s post-Cabinet press briefing.
He noted that while the findings have generated interest, significant investment will be required to move to the next phase.
Drilling a single well is estimated to cost between US$60 million and US$80 million, with at least 14 wells likely needed. The Government is now seeking international partners to finance the venture.
“It’s big money for us, but in the oil business, that is not big money,” Vaz said.
He added that representatives of United Oil and Gas have already started engaging potential investors and are seeing growing interest from major drilling companies.
Even if funding is secured, Vaz said drilling would not begin before late 2027 or early 2028. He stressed that any move toward drilling will be subject to environmental and social impact assessments, stakeholder consultations, and Cabinet approval.
