My Thoughts on Technology and Jamaica: @TullowOilplc gets License for Offshore Oil Exploration - 3 Billion Barrels of Oil for Jamaica to re-discover as Price set to Boom by 2017

Friday, November 21, 2014

@TullowOilplc gets License for Offshore Oil Exploration - 3 Billion Barrels of Oil for Jamaica to re-discover as Price set to Boom by 2017

“I knew nothing about the Oil and gas industry at the time, which made it more challenging. No one thought Tullow would succeed because of my lack of knowledge of the industry, no major backers and I was starting a company in a country with no Oil industry”

Founder and Chief Executive Officer Aidan Heavey explaining his company's origin's on Tullow Oil's website

A lot of times, you have to keep searching for something, especially when you know it’s there and just within grasp. That's the case with Jamaica and our on-and-off love affair with the Search for Oil, which even Television Jamaica’s Morning Time host of Smile Jamaica Neville Bell known that we have as stated in my blog article entitled “The 4.2 EarthQuake - Simon Crosskill and Neville Bell are Children of Fire Mountain”.

Now again, in 2014, the PCJ (Petroleum Corporation of Jamaica) has decided to continue the Search for Oil with a new Partner, Irish Firm Tullow Oil PLC, who’ve been selected to create composite 3D Scans of our Offshore deposits of Oil as reported in the article “Tullow Oil To Survey For Oil In Jamaica”, published Monday November 10, 2014 12:51 pm, The Jamaica Gleaner.

This isn't the first time Jamaica has gone spelunking for Oil. The last time, it was  Sagres Energy of Canada who found some 3 billion Barrels of Oil blocks 9, 13 and 14 off the Pedro Cays as reported in as noted in my blog article entitled “Alternative Energy and Jamaica's Oil Prospects - Carletta DeLeon, The Spy who Loved Me” and “Alternative Energy and the Recent Oil Discovery in Jamaica - The Merchant of Venice”.

According to Minister of Science, Technology, Energy and Mining Phillip Paulwell, Sagres Energy of Canada was offered the option to find a drilling partner to drill for the Oil in 2013 as stated in my blog article entitledPaulwell taps Canadian Sagres to drill for Oil in 2013AD - Partner found for South Coast Oil Boom”.

They'd even one as far as to do a Jamaica/Colombia Environmental Baseline Survey of the Marine Ecosystem made possible via a Joint Regime Area established by the Maritime Delimitation Treaty (1993) between Colombia and Jamaica done back in 2011 as reported in my blog article entitled “Sagres Energy readies for Oil Exploration Test Well by November 2014AD - Jamaica-Colombia Environmental Baseline Survey reveals Deep Impact of Oil Drilling”.

But alas, Sagres Energy of Canada never found a drilling partner to unlock the Oil within those 9, 13 and 14 Blocks off the Pedro Cays.

Tullow Oil PLC gets License for Offshore Oil Exploration - Jamaica may re-discover Oil Yet Again as Price is set to go up

Fast Forward to 2014 and we’ve got an Irish company willing to re-explore our Coastal Waters for Oil yet again as stated in “Irish firm Tullow chosen for Oil exploration in Jamaica”, published Tuesday, November 11, 2014, The Jamaica Observer

Tullow Oil PLC does indeed seem impressive on paper, mainly in African countries. Or at least, so it says on their website:

1.      147 licences
2.      66 producing fields
3.      2000 strong workforce worldwide

They also have a decent Social Media setup, with an extensive YouTube library of videos showcasing their company work in Africa. Of particular interest is their Oil Exploration work in Ghana, as they’re a lot like Jamaica.

Named after a Tullow, a small town about 35 miles south of Dublin, Ireland, Tullow Oil PLC was very cagey about their intentions, with Tullow Oil PLC's Head of Media Relations George Cazenove brushing aside the Jamaica Observer’s queries with a brief email, quote: “Thank you for your query. Alas, I am not able to comment on your story”.

So we have an idea where they'll be doing their 3D Exploration. However, one this is for sure; 3D Exploration involves using Radio Waves and sonar to map the ocean floor and create detailed maps of the depth of the hydrocarbons. Since known deposits of 3 billion barrels of Oil are in blocks 9, 13 and 14 off the Pedro Cays, most likely they'll be re-exploring those areas.

With the price of Oil much higher, they’ll find it easier to get a drilling partner and extract the Oil, which they most likely can do themselves. I don't want to get overly optimistic, but as a perennial believer in good things happening to good people.  I believe it's only a matter of time before the price of Oil becomes so high as to make it economical to drill, even if the Oil may be 5 to 8 km below the ocean floor.

Here’s the link:

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