Hopes that Jamaica’s oil and gas potential might follow the lead provided by those of sister Caribbean Community member countries, Guyana and Suriname, continue to be backed by the confidence which the UK-based company United Oil and Gas Plc (UOG) is demonstrating in the strong likelihood that the beneath the waters offshore the region’s foremost tourist island lie significant deposits of recoverable oil.
UOG’s recent announcement that it has just invested more than US$400,000 in its continuing hunt this year for oil in commercial quantities offshore the Caribbean island signals its determination to keep alive the dream of Jamaica becoming the Community’s fourth major oil producing country.
If the investment for this year, more than tripled over the amount spent by UOG on its ongoing probe in 2021, is a drop in the proverbial ocean compared to the multi-million dollar investments in Guyana and Suriname by big spender, ExxonMobil, the company would appear to be biding its time, backing its reviews that point to the presence of commercial reserves of oil and gas offshore Jamaica.
