(Carribean) - Australia's Finder Exploration Pty. Ltd. will explore offshore about eight km (five mi) south of Jamaica, says Raymond Wright, a top official at the Ministry of Industry and Commerce.
Work will begin soon, and Finder Exploration will cover the $3 million cost of the operation, according to Wright.
If oil or gas is eventually discovered, Finder Exploration will give a 12.5% royalty to Jamaica.
Fugro, of Norway, will conduct a series of seismic surveys for Finder, Wright says.