Posted in energy policy, Jamaica, Offshore Energy - General, tagged Jamaica, United Oil and Gas, Walton Morant License on April 29, 2024| Leave a Comment »
As reported in January, United Oil and Gas received a 2 year extension from the Government of Jamaica on their Walker Morant License. Below is a United video produced for prospective partners.
While the investment risk is undeniable, the reward potential is high.
Below is an interesting slide from the United presentation that compares the government’s take of production revenues for various African and S. American nations.
Posted in Jamaica, Offshore Energy - General, tagged extenstion, farmout, Jamaica, United Oil and Gas, Walton Morant License on January 23, 2024| Leave a Comment »
“We are very pleased to announce the agreement of terms for a two-year license extension in Jamaica. United has dedicated significant effort to the technical aspects of this asset, which has over 2.4 billion barrels of unrisked oil potential and the promising Colibri prospect. This extension will empower us to confidently continue our farm-out campaign, seeking a strategic partner to unlock the immense potential in this region. The support from the Government of Jamaica underscores our relationship and the optimistic industry outlook in Jamaica. We will continue to focus on the recent positive interest that has been shown by a number of parties, and with the extended licence, this is a significant opportunity for the benefit of all stakeholders.”
United Chief Executive Officer, Brian Larkin, 1/22/2024
Posted in Barbados, Guyana, Jamaica, Offshore Energy - General, tagged Barbados, economic growth, Grenada, Guyana, Jamaica, offshore oil on November 30, 2023| Leave a Comment »
Linking a good article from our friends in Guyana.
Nestled on the northern tip of South America, the small nation of Guyana, now the fastest growing economy in the world, will become the continent’s second biggest oil producer by 2027.
OilNow Guyana
Neighboring countries in the Caribbean region including Jamaica, Barbados, and Grenada are taking notice. And then there is Venezuela ….
Posted in Jamaica, Offshore Energy - General, tagged farmout, Jamaica, license extension, United Oil and Gas, Walton Morant License on November 29, 2023| Leave a Comment »
Further to the announcement of 9th November, the Company has been informed by the counterparty that had been identified as a preferred potential partner, that they no longer wish to pursue further discussions in relation to participation in the Walton Morant Licence. The Company will now focus on the recent positive interest that has been shown by other parties in potentially participating in this high impact exploration opportunity and United and our advisors will continue in our efforts to secure a partner. The Board believes that the renewed interest in exploration opportunities worldwide which is being driven by the strong future demand for oil and gas, will support our farmout efforts.
The Company continues to engage with the Jamaican authorities to secure an extension to the current licence period which expires at the end of January 2024, with a negotiated work programme that comprises additional technical work that would further de-risk the licence prior to the drilling of the exploration well. This work is aimed at materially enhancing the risked value of the Company’s interest in the Licence. Additional updates on both the farmout process and licence extension will be provided in due course
United Oil and Gas
Comments:
Posted in Jamaica, Offshore Energy - General, tagged farmout, Jamaica, license extension, United Oil and Gas, Walton Morant License on November 13, 2023| Leave a Comment »
For the past 2 years, BOE has been following the news releases on the Walton-Morant license offshore Jamaica. While the updates from United Oil and Gas are consistently upbeat, a repeating theme has been the need for more time to secure a partner and prepare for exploratory drilling.
Per the most recent update (below), United announces that they have identified a “preferred potential partner” and are seeking an extension on their license. So far, we have only heard from United. As the expiration date of the license approaches, an update from the Jamaican government’s perspective would seem to be appropriate.
The Company is currently engaged in discussions with a preferred potential partner that has been identified through the farmout process, to participate alongside United in the Walton Morant Licence in Jamaica. Furthermore, the Company is engaging with the Jamaican authorities to secure an extension to the current licence period which expires at the end of January 2024, so as to provide sufficient time to progress additional technical work on the block to support the drilling of an exploration well. Additional updates on both the farmout process and licence extension will be provided in due course.
We are encouraged by the continued progress in relation to the farmout process in Jamaica, as we look to unlock the material value contained in this block and deliver value to our stakeholders, including the people of Jamaica. We are entering a critical stage in the farm-out process and will provide an update to the market as this progresses.
United Chief Executive Officer, Brian Larkin
Posted in energy policy, Jamaica, Offshore Energy - General, Regulation, Uncategorized, tagged CIA, Clarion-Clipperton Zone, deep sea mining, Glomar Explorer, Hidden Gem, ISA, Manzanillo, Naura, The Metals Company, UNCLOS on October 26, 2023| Leave a Comment »
Andrew Konczvald’s reports from Manzanillo, Mexico about the presence of the Hidden Gem (pictured above), a converted deepwater drillship, have renewed BOE interest in deep sea mining, a topic that is full of political, environmental, legal, and operational intrigue:
Posted in Jamaica, Offshore Energy - General, tagged drilling partner, exploratory drilling, Jamaica, United Oil and Gas, Walton Morant License on October 4, 2023| Leave a Comment »
Per the Jamaica Gleaner:
United Oil and Gas Plc, which holds the right to search for oil offshore Jamaica, gave notice to investors that it would announce a preferred drilling partner in weeks.
The UK-based explorer requires a partner to split the risk for drilling offshore, which it estimates at US$30 million.
United Oil holds oil and gas assets in Egypt, United Kingdom and a high-impact exploration licence in Jamaica. Its net worth, at US$27.7 million, is less than the cost to drill a test well, but its team of professionals are betting on the island.
Posted in Jamaica, Offshore Energy - General, tagged drilling deadline, Jamaica, United Oil and Gas, Walton Morant License on July 24, 2023| Leave a Comment »
“The farm-out campaign remains a key focus for United, as we seek to take this potentially transformational project forward into the next phase of the Licence. In order to do so, a commitment to drill a well will need to be made by end January 2024.
We have continued to engage with potential partners to participate alongside us in drilling this exploration well, and earlier in the year, a deadline for indicative offers had been set for the end of H1. We are encouraged by the number and quality of companies that are in the process of completing their evaluations, and as they have requested additional time, we have agreed to extend the deadline. Additional updates will be provided in due course.”
United Oil and Gas
Questions:
For those following the Barbados Offshore Licensing Round, no updates have been posted by the Ministry of Energy and Business; nor has the BOE team received any feedback on our comprehensive bid 😉
Posted in Barbados, Guyana, Jamaica, Offshore Energy - General, tagged Barbados, CNOOC, Exxon, Guyana, Hess, Jamaica, oil exports, OilNow, Stabroek Block on July 15, 2023| Leave a Comment »
OilNow, an informative and boldly named media outlet that covers the oil and gas sector in Guyana, reports that “the Guyana government expects crude oil exports this year to generate US$11.3326 billion in 2023, a 14% increase from the 2022 figure.“
Of course, the 3 Stabroek Block partners who are responsible for this production – Exxon (45%), Hess (30%), and CNOOC (25%) – are also doing quite well. If you are wondering about this curious mix of companies – a US supermajor, a large US independent, and a state-owned Chinese mega-company – this OilNow post explains what happened.
Initially, Exxon and Shell were 50/50 partners in the Stabroek Block. Shell thought the chances for success were slim and opted out a year before the world class Liza discovery (ouch!). After Shell departed, Exxon sent “at least 35 letters” to prospective partners and only Hess and CNOOC responded favorably. The Liza discovery followed and the rest is history.
Will exploration offshore Jamaica and Barbados also prove successful? Stay tuned.
Posted in energy, Jamaica, Offshore Energy - General, tagged Envoi, farm-in, Jamaica, offshore drilling, United Oil and Gas on April 21, 2023| Leave a Comment »
In addition to the details previously provided, some interesting insights from Envoi, agent for United Oil and Gas, follow:
Bud's Offshore Energy (BOE) 