United Oil and Fuel Plc is within the means of acquiring a license to begin sampling beneath Jamaica’s seabed as a part of its oil exploration efforts. CEO Brian Larkin emphasised that the corporate’s major focus stays on Jamaica, which they see as having important potential. The planning and allowing for piston core sampling is advancing, with approvals anticipated by early 2025.
Larkin additionally famous that discussions are ongoing with potential companions for a farm-out course of, aimed toward sharing the monetary dangers of drilling. The piston core sampling gear will attain depths of a whole lot of meters, extracting core samples as much as 18 meters deep for hydrocarbon evaluation.
The corporate hopes these samples will yield important information to boost the prospects of discovering oil offshore Jamaica. Present estimates counsel a 25 % likelihood of a business discover, which the corporate goals to extend to 33 % based mostly on earlier evaluations.
“Jamaica stays our major driver for progress, with the licence providing important exploration potential. Our focus is now firmly on advancing the undertaking and progressing the continued farm-out course of to unlock its worth, and presently working with a lot of events,” stated Larkin.
United Oil’s earlier efforts included conducting 2D and 3D surveys of the exploration space, which revealed subsurface buildings that resemble oil deposits. An unbiased evaluation valued the corporate’s most promising reservoir at roughly $23 billion, with extraction potential over a 25-year interval. The corporate holds licenses to discover 22,400 sq. kilometers of offshore territory alongside Jamaica’s southern coast, referred to as the Walton-Morant zone.
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At the moment, United Oil’s operations in Jamaica are overseen by Herona Thompson.
In latest months there have been a number of rumors in regards to the discovery of oil in Jamaica however Power Minister Daryl Vaz says no oil has been found but. United Oil and Fuel (United Oil) has valued the biggest repository inside its wider zones of oil exploration offshore Jamaica as being price J$3.5 trillion, or US$23 billion, at present oil costs.
It nonetheless, nevertheless, must show that substances that resemble oil are certainly oil, and would require investments to dig the ocean flooring for core samples.
