Jamaica could move a step closer to oil production, with drilling potentially starting as early as late 2027, according to Energy Minister Daryl Vaz.
The announcement follows encouraging results from a recent offshore geochemical survey, which confirmed the presence of hydrocarbons — a key indicator that oil may exist beneath Jamaica’s waters. The findings have sparked renewed interest from international energy companies and investors.
Despite the optimism, Vaz cautioned that the country is still in the early stages of exploration. Significant investment will be required before drilling can begin, with each well estimated to cost between US$60 million and US$80 million, and multiple wells needed to properly assess the resource.
The government is now seeking partnerships with global oil companies to help fund the next phase of the project. Even with financing secured, officials say drilling would not begin before late 2027 or early 2028.
Any move forward will also depend on environmental assessments, stakeholder consultations, and final government approvals.
While the possibility of oil presents a major economic opportunity, officials stress that Jamaica must proceed carefully as it explores its energy future.
