“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.
No comments:
Post a Comment