ENB Pub Note – Jamaica remains 88.67% oil and natural gas, with oil still being the primary fuel source. As listed on LNGPrime.com, Excellerate has just completed its billion-dollar acquisition. This is good news from Excellerate Energy, and I have reached out to interview Steven Kobos, President and CEO, on the Energy News Beat podcast. Excellerate Energy has a leadership role in FSRUs and exporting LNG to the global market.
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Fossil Fuels: 88.67% (primarily oil and natural gas, with oil dominating).
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Wind: 5.87%
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Hydro: 2.85%
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Solar: 2.60%
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Nuclear and Geothermal: 0%
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Jamaica relies heavily on imported fossil fuels, with petroleum imports accounting for over 90% of energy usage and over 80% of electricity production.
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In 2015, Jamaica imported 24,360 barrels of crude oil and 30,580 barrels of refined petroleum products daily.
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In 2010, the country consumed about 60,000 barrels of oil per day, with 84% of energy needs met by imported crude oil, coal, and oil products.
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Oil import costs peaked in 2008 at US$2.7 billion, and energy imports in 2007 represented 34.5% of total imports, significantly impacting the trade deficit.
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Jamaica does not import or export electricity, as it is self-sufficient in electricity production (5 billion kWh produced in 2023, exceeding the 3.37 billion kWh consumed).
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Jamaica lacks significant domestic hydrocarbon reserves, making it fully dependent on imports for petroleum and coal.
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The high cost of imports (e.g., electricity prices reached US$0.42 per kWh) drives efforts to diversify into renewables like solar, wind, and hydro to enhance energy security.
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Transmission and distribution losses are significant, at 26.8% in 2014, exacerbating reliance on imported fuels.
Update from LNGPrime.com
Stolt-Nielsen’s Avenir announced the contract on Wendesday, but it did not reveal further details.
Avenir said the deal comes as part of Excelerate’s purchase of New Fortress Energy’s LNG import and power businesses in Jamaica, where the vessel is expected to remain employed.
Last year, Avenir entered into a deal to charter Avenir Accolade for a period of up to two years with NFE Transport Partners, a unit of NFE.
Before that, Avenir Accolade had been serving NFE under a bareboat contract.
Excelerate recently completed its acquisition of NFE’s business in Jamaica for $1.055 billion.
Under the terms of the purchase agreement, Excelerate has acquired the assets and operations of the Montego Bay LNG terminal, the Old Harbour LNG terminal, and the 150 MW Clarendon combined heat and power plant.
Excelerate raised about $1 billion in equity and debt financings to fund the acquisition.
On the other hand, Avenir is now fully owned by Norway’s Stolt-Nielsen, following the latter’s recent acquisition of Avenir’s remaining shares.
Prior to that, Stolt-Nielsen bought Avenir stakes from Golar LNG and Hoegh family holding company Aequitas.
Avenir has a fleet of five vessels on the water and two under construction.
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