Image courtesy of Inter-American Dialogue
Jamaican Oil Exploration: Andrew Holland Featured in Latin America Energy Advisor
ASP’s Andrew Holland was featured in a January 22nd publication of Latin America Energy Advisor, addressing whether Jamaica should invest more into its oil and gas sector. Jamaica’s National Environmental and Planning Agency recently approved a secondary exploration study for offshore oil.
Mr. Holland highlighted the potential return on investment over the long term for Jamaica, while also noting the risks of further dependence on global commodities.
“Jamaica is already highly vulnerable to commodity price swings, as a major exporter of bauxite and as a major importer of oil…Recently global trends have pushed down the price of most commodities, which has both helped their import bill, while slashing returns from exporting bauxite. Finding and producing oil would further slash the import bill, but it would make the economy that much more vulnerable to global price swings…We know the sun will shine and the wind will blow in Jamaica-if the government can push the investment needed to install renewable power, then the economy will be less exposed to market risks and more resilient.”
Read the full publication here.
