Find Oil and Gas expertise in Jamaica
The Petroleum Corporation of Jamaica (PCJ) functions as a statutory corporation under the Ministry of Mining and Energy. It was established under the Petroleum Act of 1979 with the exclusive rights to explore Jamaica’s petroleum resources. The corporation is mandated to develop Jamaica’s energy resources and often seeks to partner the private sector through joint ventures. Jamaica imports crude oil from Venezuela, Mexico and Ecuador.
Jamaica has traditionally been a large importer of oil to fuel its energy needs, however, Canadian company Sagres Energy has made explorations into potential oil reserves in the waters around Jamaica. Sagres Energy expects to commence drilling in 2013. Furthermore the Petroleum Company of Jamaica (PCJ) has allowed a second phase of oil exploration from May 2012 to November 2014. Rainville Energy Corporation which did the mapping for Sagres Energy estimates that the mapped waters contain approximately 3million barrels of oil which would be enough to meet Jamaica’s fuel needs for 90 years and would make it an important exporter of oil. These resources are not yet classed as proved oil resources and oil production is still in the very early stages. In 2012 Gas exploration was still in the development stage.
Petrojam, which is owned jointly by PDVCaribe (a subsidiary body of Petróleos de Venezuela (PDVSA)) and the government-owned PCJ, runs Jamaica’s only oil refinery. The company was established in 1982 after the Jamaican government’s purchase of the Esso refinery in Kingston, now known as the Petrojam refinery.
In 2012 Jamaica spent USD$2.4billion, on oil imports a 54% increase on 2011’s bill. This increase reflects a global price rise and was the second highest on record. It is estimated in 2009 that Jamaica uses around 90,520 bbl/day; industry accounts for a large proportion of fossil fuel consumption.
At present, the potential sources for supplying liquefied natural gas (LNG) to Jamaica are Trinidad and Tobago, Mexico, Colombia and Venezuela in the Caribbean. Of these countries, only Trinidad and Tobago is presently exporting LNG. Initiatives to use LNG have been explored, such as a trans-Caribbean pipeline, but so far there has not been significant investor interest.
|Oil and Gas organisations in Jamaica|
|Ministry of Energy, Mining and Telecommunications||
|Petroleum Corporation of Jamaica||