2010 Bid Round presentation on the Jamaican Oil and Gas prospectivity on March 1, 2010 in the Lecture Hall of the Geological Society of London, Burlington House, Piccadilly, London, England (in collaboration with Jamaica Trade and Invest/JAMPRO).

Activities

Exploration activities in Jamaica have occurred in two phases. The earlier phase spanned 1955 - 1973, done by private companies, and more recently 1978 - 1982 by the PCJ.

Between 1955 and 1973, seven (7) exploratory wells were drilled, one (1) offshore and six (6) onshore. Immediately following on the establishment of the state-owned Petroleum Corporation in 1979, the momentum of activity increased with the drilling of three (3) wells onshore and one (1) offshore during the period 1980-1981.

With advancements in the geological and geophysical sciences over the past two decades, Jamaica is undertaking a new exploration phase.

Recent studies have shown that structures in the Walton may contain significant economic quantities of hydrocarbons. The same obtains for those blocks, on the coastal side of western, southern and southeastern Jamaica, which show the potential for important commercial finds of both oil and gas. 

The Petroleum Corporation of Jamaica opened a Licensing Round for the exploration of oil and gas on January 1, 2005, which closed at 12 noon on July 15, 2005. Exploration companies were invited to bid on one or more of twenty-four blocks being offered: 4 onshore and 20 offshore.

Current geological data from the Jamaican territory have suggested the potential for commercial quantities of oil and gas to be found in the Walton, an area of relatively deeper water located between Jamaica and the Pedro Bank. The Pedro Bank is also prospective as is the blocks surrounding the coast of Jamaica. It is thought that onshore finds of oil or gas may also be commercially significant. Basin

Results of 2005 Licensing Round and Current Activities

Exploration rights have been granted to Finder Exploration Pty. Ltd. of Perth Australia for 5 blocks offshore southern Jamaica (namely blocks 6, 7, 10, 11 & 12). An offshore seismic survey of these blocks was conducted by Fugro, a Norwegian based company, between February and May 2006. A total of 6968 line kilometers of data was collected using advanced technology that will improve the prospects of finding commercially viable quantities of oil or gas offshore. Finder/Gippsland Joint Venture has also completed an aeromagnetic and gravity survey of their offshore area aimed at identifying possible areas for further attention. A total of 23,974 kms of data was collected using the Falcon technique.

A second exploration company, Rainville Energy (based in Canada),has Secured exploration right for a further three blocks offshore(namely blocks 9,13 & 14).Rainville anticipates carrying out a seismic survey of their area towards the end of 2008.

Informal Licensing Round

Following on a presentation in Houston on January 31st 2007, companies were invited to make informal bids for the remaining 12 offshore blocks as well as the four onshore blocks.

The presentations made can be accessed at:

http://www.pcj.com/corp

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A Hong Kong based company, Proteam, executed Production Sharing Contracts on blocks 1, 5, 8 and 17 on December 3, 2007. Proteam has completed its geological evaluation of the four blocks with positive indications for both oil and gas finds. Proteam expects to conduct seismic surveys in 2009 on these four blocks.

New Multiclient Seismic Surveys

In the first half of 2009 a Multi Client 2D seismic survey was conducted by CGGVeritas using the vessel, Discoverer 2. The survey covered approximately 6,000 line kms on the ninteen(19) open blocks and 3,000 line kms on the three Rainville blocks 9, 13 and 14. With this new information to hand the  nineteen(19) blocks will be promoted and a formal bid round set to close in the first quarter of 2010.

Joint Regime Area

A Joint Regime Area between Jamaica and Colombia, situated south of the Pedro Bank was established by Treaty on November 12, 1993. On November 4th 2008, an agreement was signed between the two countries for the conduct of surveys relating to the hydrocarbon potential of the 52,000 square km area. It is expected that some seismic surveys will be conducted over parts of the Joint Regime Area possibly in the second half of 2009. Subsequently, the intention is to subdivide the area into exploration blocks and attract activity from exploration companies.

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