I heard a rumor about oil discovery on Pedro Cays...I'm not sure if I should be happy or sad.
If it's true it would be good for the Economy. If it's true it could be very devastating for our Ecology. But I guess money is going to win out all the time especially in our poor little country. I'm so confused about this news,

That would be the final nail in the coffin of the fishing industry IMHO.

GOD I HOPE NOT.THAT SURE WILL BE DEVASTATING FOR THE FISHERMEN WHO DEPEND ON THAT LITTLE PIECE OF LAND FOR THEIR HOME BASE.

What is IMHO?

in my humble opinion.

I agree Ce Ce.

If the Jamaican government gets rich off the oil will the fishermen & families benefit or starve ????

Can you give a little more information about this rumor? Where did it come from? How reliable is it? Etc.

I spoke with a freind in Great Bay (who stays on the Cays at times)this evening. He said the area is being surveyed and that there will be more info in 75 days.

Eric,

check out www.jamaicans.com. Some one posted a bit of info there (Jamaican news / politics)

Here's what I found:
http://www.jamaicans.com/forums/showflat.php?Cat=0&Board=11&Number=19528655&Sear chpage=1&Main=19528655&Words=pedro&topic=&Search=true#Post19528655

Its interesting that the post that started it there was a copy of the one that started it here. That doesn't tell me where the rumor came from.

But one poster, Walhalla, seems to give some background info on it, if I read the post correctly. On the other hand, when you click on his/her name in the post and read the hobbies listed, makes you wonder about the source...though it does explain the 'unusual' grammar and spelling used :-)

I believe this 'rumour' is just that at the moment. Perhaps the article below might help to clarify the situation.

...........................


Three bids for oil exploration licence

Observer Reporter
Sunday, July 24, 2005



PETROLEUM Corporation of Jamaica (PCJ) has received three applications for licences for oil and gas exploration, both on and off-shore.


Group managing director at PCJ Dr Raymond Wright
Group managing director at PCJ Dr Raymond Wright said the applications were for 10 blocks but noted that there was some overlapping in some of the applications, JIS, the state news agency, has reported.

The names of the bidders, Wright told Sunday Finance Friday, would not be released as negotiations were now to begin, adding that the cost of exploration would also be finalised in those talks.
"All of this is subject to negotiation with bidders," said Wright. "That's why we can't indicate who they are."

A block has a minimum measurement of 2,500 square kilometres.
The successful bid will be announced in another three months, towards the end of October, after which the selected contractor will do further seismic and geo-physical work to determine the best sites for drilling.

Wright indicated that drilling could commence within three to five years. The drilling company, under the deal crafted by the PCJ, is to seed the cost of exploration, but will be reimbursed under a special arrangement linked to results of the exploration.

Wright had earlier announced that a 'Production Sharing Arrangement' would be put in place between the PCJ and the successful bidder, under which profits from the field will be split between the contracting and contracted parties.

The arrangement will see royalties being paid to the government for the oil and gas produced, the dollar value of which is to be determined on a "sliding scale in respect of offshore drilling, decreasing as you go into deeper waters."

The highest amount payable for royalty would be 12.5 per cent and thereafter decreasing at greater depths, Wright said.
The PCJ head further noted that a negotiable sum would be invested during each year of the exploration licence for training Jamaicans in matters related to the energy industry - hopefully university students doing advanced studies.

An important innovation in the contracts, Wright went on to point out, would be a requirement that 2.5 per cent of profit be placed in a 'Petroleum Fund' for investment in social and environmental projects for communities in and around the oil sites.

"The fact that oil is found in an area and the people living in that area do not get much benefit has been a cause of great concern," Wright said. Citing Nigeria as an example, he pointed out that a failure to allow benefits to spill over to the surrounding communities in the Delta region had led to many problems and discontent among its residents.

"Whether it be the fishermen on the Pedro Banks or the people living in onshore drilling areas in Westmoreland, they will be involved with social and environmental programmes emanating from the (drilling) project itself," he declared.

The PCJ boss and energy regulator also pointed out that the implementation of a gas policy would ensure that any gas produced would first go towards satisfying domestic power generation needs, while the excess would be exported.

The pricing of locally produced gas would be linked to the international market price to protect investors, he said.

Nurse Rachet you are quite correct...This is the initial stages of the exploration. We should have more details in a couple of months. Maybe we can use this site as a means of updating each other on the topic.

Eric, Someone told me about the discovery on Tuesday (the day I posted the message). I have since made some phone calls and found the same info Nurse Rachet told us about.

Once again TB.net comes through. Thanks All.

Hey! you guys! there is a gulf of difference between an application to the Government for an oil exploration license and the actual discovery of oil. No h'oil fine yet so nuh bodder yuself.