KINGSTON, Jamaica, CMC – The Jamaica authorities mentioned Monday that it has granted a two-year extension to the London-based United Oil and Gasoline Plc (UOG) to proceed oil and gasoline exploration actions within the Walton Morant Basin offshore Jamaica.
In an announcement, the Ministry of Science and Power mentioned the settlement will expire on January 31, 2026, or proceed if UOG elects to maneuver into the following exploration part, which would be the drilling of a nicely offshore
It mentioned that the extension comes on account of complete assessments, technical evaluations, and consultations that spotlight the continued significance of the oil and gasoline sector.
Throughout the extension, the Ministry mentioned that UOG will execute the required stakeholder engagement workouts required to carry out in an environmentally sustainable method.
“Along with the deliberate work within the extension license, UOG will proceed to determine potential companions from world wide to farm into the Walton Morant Manufacturing Sharing Settlement (PSA).”
The corporate has unique rights to discover oil and gasoline assets within the Walton Morant Basin by way of the PSA signed in 2014.
“The extension request submitted by UOG to the Ministry is an aggressive work program that comes with technical knowledge acquisition offshore by means of seabed sampling after in-depth environmental allowing and stakeholder engagement. UOG will search to reprocess and revise the 3-D seismic knowledge acquired in 2018 with new applied sciences to boost the imaging of the offshore round the primary prospects after this has been accomplished.
“The technical work program introduced will search to additional de-risk the Walton Morant Basin in an try to grasp higher the chance of oil and gasoline offshore the island, The assertion mentioned, including that Jamaica has seen a substantial uptick in main oil corporations taking a look at its prospects because the hydrocarbon exploration within the area strikes ahead since final yr.
The Ministry mentioned that the federal government’s goal in 2024 and past might be to high-grade and de-risk recognized prospects by way of worldwide partnerships with an try to drill a nicely offshore, which would be the first in over 40 years.
It mentioned it stays cautiously optimistic within the seek for oil and gasoline and can stay clear by offering a platform for corporations to discover oil and gasoline alternatives in Jamaica.
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