Jamaica to renew search for oil after 20 years

Forbes.com-Reuters, 04.15.03, 2:31 PM ET KINGSTON, Jamaica (Reuters) - Jamaica will launch another search for oil later this year with the help of Venezuela and Ecuador, a government official said Tuesday. Jamaica, which depends heavily on its tourism and bauxite industries, last explored for oil 20 years ago but came up empty. Minister of Technology Phillip Paulwell told reporters in Kingston that proposals for exploration were still being reviewed by the government. "We have received offers of assistance from Ecuador and Venezuela in the form of technical support and guidance and ... the ministry will vigorously pursue exploration efforts using private sector investments," Paulwell said. Exploration will likely be resumed off the Caribbean island's southwest coast, where it is believed there may be major deposits. In 1982-83, a search for oil 50 miles off the southwest coast of the island was unsuccessful. Oil was discovered by another exploration team in the northwestern parish of Westmoreland during the same period, but deposits were not big enough to be commercially viable. Jamaica normally imports 60 per cent of its annual supply from Venezuela and 40 per cent from Mexico. However, a strike in Venezuela this year forced that country to reduce exports and Jamaica turned to Ecuador to fill the gap. Paulwell said imports from Venezuela should be back to normal by June.