Jamaica
spends US$1.5b on imported energy
By Roxanne Stapleton
Trinidad Express
Port
Spain
Petroleumworldtt.com
12 10 06
JAMAICA'S energy import bill for 2006 is in the
region of US$1.5 billion for 2006, which accounts
for 91 per cent of its energy used.
Making
the statement yesterday was Dr Raymond Wright, consultant
for the Petroleum Corporation of Jamaica.
Wright
admitted that Jamaica has been moving its agenda
with respect to Venezuela's oil facility programme
known as Petrocaribe, faster than its other Caribbean
neighbours in its bid to secure a more stable future.
He
also spoke of the thrust to further develop its
own energy industry sector, saying that there's
the greater likelihood, that direct negotiations
will be used for the remaining blocks in this round.
The
Jamaica Government, he said, is also looking deeper
into alternatives such as solar, hydropower, ethanol
and coal, "as options to diversify its energy
mix".
Turning
to the Barbados experience, general manager of the
Barbados National Oil Company, Ron Hewitt, admitted
that his country is deeply anticipating its upcoming
bid-round.
He
too revealed that the question of "direct negotiations
is also engaging the minds," of its Government,
highlighting further that legislation governing
the energy sector dating back to the 1950s, is currently
being updated to accompany any invigorated interest
generated in its energy sector.
"We
are also looking at the proposed intra-Caribbean
pipeline," Hewitt added.
Gerold
Fong, president and CEO, Canadian Voyager Energy,
noted that the Caribbean region, when compared to
other global jurisdictions has some of the most
competitive fiscal terms.
"In
the case of Jamaica, given the high risks companies
have to assume to explore, a favourable income tax
regime is adequate incentive, together with reasonable
government royalty and favourable production splits.
"In
Trinidad, given the potential of the basin, it is
our belief that in the case of significant discoveries,
companies will find the new PSC terms reasonable
relative to the risk taken," Fong said.
Wright,
Hewitt and Fong were speakers at the sixth annual
IBC Energy Caribbean Conference at the Hilton, Port
of Spain.
Trinidad
Express
Tuesday, December 5th 2006
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©2006 Trinidad Express. All Rights Reserved.
