The first licencing round for the exploration of oil and gas, off and onshore in Jamaica, was launched by Minister of Commerce, Science & Technology, Phillip Paulwell at the international energy conference held in London recently.

Speaking to a specially invited group, representing several international oil companies and industry watchers, Minister Paulwell said while Jamaica last explored for oil and gas in the 1980s, modern techniques and re-analysis have now resulted in a much deeper and more positive understanding of the island’s potential.

Under a contract with geographical experts, JEBCO Alliance, a review of the data found considerable potential within unexplored areas of southern Jamaica.

Minister Paulwell said the launch was to stir further interest in the licencing round.

“We believe our story is far more exciting now,” the Minister said. “I am very impressed with the level of interest being shown. We have one participant who has come all the way from Malaysia.”

Cabinet recently approved the arrangements by which the Jamaican Government, through the Petroleum Corporation of Jamaica (PCJ), will initiate petroleum exploration within the island’s exclusive economic zone.

In the first licencing round, the Government is offering 22 offshore blocks for exploration. The formal bidding will open on January 1, and close July 15, 2005.