PM urges Jamaicans to temper excitement over potential offshore oil; says efficiency is greatest resource

Prime Minister Dr. Andrew Holness is urging Jamaicans to temper excitement over potential offshore oil, noting that the country’s greatest resource is efficiency.

His comments come amidst public discourse over a possible active petroleum system in Jamaican waters.

This, after British-based United Oil and Gas PLC recently completed a surface geo-chemical survey, which reportedly found the presence of C4 and C5 hydrocarbons, specifically butanes and pentanes in select samples.

Addressing the matter at a ceremony in St. Mary yesterday, Dr. Holness said that many people believe a country must have oil to grow.

He pointed out that natural resources alone cannot deliver economic growth.

Dr. Holness argued that countries with efficient systems have a strong competitive advantage.

He cited the National Reconstruction and Resilience Authority (NaRAA) as an example of an efficient system, adding that Jamaica should aim to have the fastest record for doing business.