FOLLOWING THE revocation of an exploration licence, which was granted to Rainville Energy Corp, a subsidiary of Sagres Energy, to drill for oil, Energy Minister Phillip Paulwell has signalled that another company that was granted a licence could have it cancelled if they don’t begin drilling soon.
The Petroleum Corporation of Jamaica yesterday said the failure of Rainville to meet its financial obligations has resulted in the revocation.
Under the agreement, which dates back to 2006, Rainville should have secured the necessary funding for the second phase of the programme which began in May 2012.
Among other things, this phase involved the drilling of an exploratory well by November 2013.
Paulwell told