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OIL ( Tullow Oil Commences Drop Core Survey Off Coast Of Jamaica ) Options
Posted: Tuesday, November 11, 2014 12:39:36 PM

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Irish firm Tullow chosen for oil exploration in Jamaica

Tuesday, November 11, 2014 5 Comments

HEAVEY… started company in a small town called Tullow

IRISH firm Tullow Oil plc is expected to be announced this morning as the company selected by the Jamaican Government to engage in oil and gas exploration here.

Tullow, which operates in 21 countries, is expected to conduct three-dimensional exploration which, Petroleum Corporation of Jamaica (PCJ) sources said, will provide better information regarding the existence of oil in Jamaican waters.

Yesterday, Tullow Oil's Head of Media Relations George Cazenove was non-committal in response to a Jamaica Observer query on Sunday seeking confirmation of his firm's involvement in Jamaica.

"Thank you for your query," he responded via e-mail. "Alas, I am not able to comment on your story."

For some years now Jamaica has been trying to find out whether fossils detected offshore are enough for commercial extraction.

Of the previous exploration ventures, the most promising was from Canadian firm Sagres Energy, which said it detected possible reserves of some three billion barrels off Pedro Cay.

The PCJ, in its media advisory on today's announcement, pointed out that it has been aggressively pursuing proven explorers to undertake oil and gas exploration and that these efforts have borne fruit.

On the weekend, government sources said Tullow was a reputable company with a track record of success in a number of African countries.

On its website, Tullow says it holds 147 licences, 66 producing fields, and has a workforce in excess of 2,000 worldwide.

"In 2013, 37 of the 57 exploration and appraisal wells drilled, discovered hydrocarbons," says the company, which was founded in 1985 and signed its first licence in Senegal in 1986.

Founder and Chief Executive Officer Aidan Heavey says he started the company "in a small town called Tullow, about 35 miles south of Dublin, Ireland".

"They had some small gas fields that they were trying to get people to develop, so I set up Tullow Oil to rework those old fields. 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," Heavey says on the company's website.

Jamaica to Drill for Oil, Gas in 2013, Considering Nuclear in Future

May 21, 2012 | 9:48 pm | Print


Above: Minister Philip Paulwell

By the Caribbean Journal staff

Jamaica’s Energy Ministry is moving forward with plans to drill for gas and oil in its offshore waters next year, according to Minister Philip Paulwell.

The country has already drilled 11 wells, 10 of which have shown oil, Paulwell said, although not in commercial quantities.

“We are determined now, with better science and technology, to go and find those commercial sources for oil and gas,” said Paulwell, who was speaking at the University of the West Indies this week.

Jamaica is one of a number of Caribbean countries currently exploring offshore oil, including Cuba and Guyana.

Beyond oil and gas, Jamaica could one day produce nuclear power as well.

“We need to find new fuel sources and so we are pursuing natural gas,” he said. “We believe that there is a role for coal, and I am committed one day, for Jamaica to utilize nuclear.”

Jamaica, which has already been undertaking a plan to reduce utility bills in government ministries, needs to look at the way energy is distributed, he said.

“There is a fundamental issue that we have to deal with as a matter of urgency,” he said. “I have to pursue the liberalization of the grid and this is a task that I am firmly committed to and I think we are going to achieve it, because I believe it’s a win-win for all of us.”

Taking advantage of the new resources could be a way to clear out the country’s debt, he said.

Posted: Tuesday, June 2, 2015 11:31:37 AM

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Its on — Tullow Oil reaffirms oil exploration in Jamaica

Friday, May 29, 2015 16 Comments

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Minister of Science, Technology, Energy and Mining, Phillip Paulwell (left), and Winston Watson, group general manager of the Petroleum Corporation of Jamaica with Tullow Oil executives, Ian Dunleavy and John McKenna at the Production Sharing Agreement last year.

Multinational oil and gas exploration company, Tullow Oil PLC has re-affirmed its commitment to its oil and gas exploration programme in Jamaica, following a series of meetings between company executives and Minister of Science, Technology, Energy and Mining, Phillip Paulwell.

Paulwell and a delegation which included the Petroleum Corporation of Jamaica's (PCJ) chairman, Christopher Cargill and group general manager, Winston Watson visited Tullow's London and Dublin offices earlier this month to discuss the status of the Production Sharing Agreement (PSA) which was signed by the two companies in November 2014, according to a PCJ news release.

The PSA granted Tullow license to undertake oil and gas exploration in Jamaica's offshore blocks.

During the meetings, Paulwell questioned the potential implications of the recent decline in local oil prices and whether the changes would negatively impact Tullow's commitments under the PSA.

However, Tullow re-iterated the company's commitment to its contractual obligations and to working with all relevant stakeholders in Jamaica. The company stated that while the oil and gas industry tends to be cyclical, it is a good point at which to be seeking medium and long-term exploration prospects.

"It was a pleasure to meet the honourable Minister and the PCJ delegation in our London office and we look forward to working closely with the Ministry and the PCJ to complete our agreed work programme," vice president of new ventures business of Tullow, Ian Cloke stated.

The Jamaican delegation was also given a technical update on the bathymetric survey currently being conducted in Jamaican waters under the terms of the PSA. The surveys are part of the exploration phase of the agreement which involves geological and geophysical studies, environmental assessments and the acquisition of seismic data to assess the presence of oil and gas underneath the seabed.

If these evaluations are favourable then Tullow can elect to proceed to the next phase of the agreement which will involve decision making about drilling exploratory wells. The exploration phases of the PSA can last for little over seven years.
Posted: Sunday, July 5, 2015 3:35:15 PM

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Tullow Oil Commences Drop Core Survey Off Coast Of Jamaica

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Published:Sunday | July 5, 2015Camilo Thame

Rudolph Brown
File In this November 2014 Gleaner photo Tullow Oil executive John McKenna (left) greets Minister of Science, Technology, Energy and Mining Phillip Paulwell (right) at the announcement of the licence for the company to explore for oil and gas in Jamaica. PCJ chairman Chris Cargill is at centre.
United Kingdom-based Tullow Oil has completed a bathymetry or underwater survey of the 32,000 square kilometre area south of Jamaica that it is licensed to prospect.

The study of underwater depths of the Walton and Morant basins "provided indications of possible seeps on which to position drop cores", according to a trading update issued to the London Stock Exchange.

"This operation (drop core survey) has commenced," said the filing.

That's not to say that the company will be sinking an oil well anytime soon.

Having signed the prospecting contract with the government last November it is still three years off from having to decide on acquiring new 2D and 3D seismic studies of the area. The company just committed to carrying out low-cost studies and reprocessing work, and the contract gives it the option to elect to proceed with further exploration by mid-2018.

And, Tullow has said it is undertaking a work programme "that does not require a well commitment", according to the company's website.

The drop core survey will take sea bed samples to identify where hydrocarbons are located.

Last November, the government announced that it resumed the search for oil and gas in Jamaica with the issuing of the licence to Tullow, which reportedly committed US$60 million (J$6.7 billion) to undertake exploration of the island's south coast.

The exercise, which com-menced on November 1, is being facilitated under a production sharing agreement (PSA) signed by the Petroleum Corporation of Jamaica (PCJ), and Tullow Jamaica Limited.

Under the PSA, the Govern-ment will secure between 45 and 48 per cent of production above 50,000 barrels, should the more-than-30-year search for oil finally results in commercial production of hydrocarbons.

The PCJ will oversee the arrangement on behalf of the Government to ensure that the provisions are fulfilled.

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