Tuesday, February 14, 2017
Why Tullow Oil’s live Oil seep means Jamaica an Oil Producing Nation in 2017
“In Jamaica, following the completion of a drop core and seep study in the Walton Morant blocks that identified a live Oil seep, Tullow will acquire a further 680 kilometres of 2D seismic data before considering the acquisition of a 3D seismic”
Tullow Oil in its annual report released on Wednesday February 8th 2017 commenting on finding Oil in Jamaica
Jamaica, we're struck it rich!!!
Tullow Oil, the Oil and Gas company contracted by the ministry of Energy and Mining in Jamaica, has found Oil off the coast of Jamaica as reported in the article “Tullow Finds ‘Live’ Oil Offshore Jamaica”, published February 10, 2017 by Steven Jackson, The Jamaica Gleaner.
Tullow Oil is a United Kingdom based Oil and Gas exploration outfit that's been in Jamaica since November 2014, when the PCJ signed a production-sharing agreement for Oil and gas exploration off Jamaica's offshore areas. They had reported signs of Oil or gas in 10 of the 11 onshore and offshore wells drilled in Jamaica.
Tullow Oil, which operates in some 18 countries, is in the best position to determine if they've struck it rich. They've borrowed some US$4.8 billion, lost about US$600 million but made US$1.3 billion with free cash flow of $1 billion as stated in their December 2016 financial reports. They'd not make this declaration unless they were certain. So this latest news is cause for elation.
Tullow Oil has found Oil - Jamaica an Oil Producing nation in 2017
Tullow is now expanding their 2D seismic mapping by hundreds of kilometres after completing their 32,056 square km Walton Morant Blocks. so most likely the Oil seep, which is basically live flowing Oil leaking into the ocean, is located in the Walton Morant Blocks area. The offshore area to the south of the island includes three geological provinces:
1. The Pedro Bank carbonate platform
2. Walton Morant Blocks
3. 'Southern' sub-basins
This is included in 10 full blocks and one part block in shallow water to the south of the island as detailed in my blog article entitled “@TullowOilplc gets License for Offshore Oil Exploration - 3 Billion Barrels of Oil for Jamaica to re-discover as Price set to Boom by 2017”.
These tertiary-aged clastic and carbonate reservoir targets all produced seismic data that suggests Oil may be no more than 2,000m below the surface. A Jamaican engineer off the coast of Gabon hinted that live Oil seeps are evidence of Oil flowing to the surface. This is an indication of petroleum systems in the basins surveyed.
Since July 2015 doing Bathymetric Survey as reported in my blog article entitled “Tullow Oil's Walton and Morant Basins Bathymetric Survey – Why @TullowOilplc still interested in Jamaican Oil Exploration”.
The Government of Jamaica is funding the exploration with the help of Private Sector money, as they expect a huge windfall as the price of Oil is set to rise in 2020 as predicted in my blog article entitled “Why Jamaican Private Sector funding Oil Exploration by Tullow Oil for US$300 per barrel in 2020”.
So expect by the end of 2017 that Jamaica will become an Oil Producing nation that'll profit from the expected rise in the demand for Oil.