Just Over US$39.3Mn Spent by Irish Corporation on Oil and Gas Explorations Offshore Jamaica  

  • United Oil and Gas (UOG) Plc spent just over US$39.3Mn, or J$6.3Bn, over 10 years in its search for oil and gas offshore Jamaica. This was disclosed by the Minister of Science, Energy, Telecommunications and Transport, Hon. Daryl Vaz, as he responded to questions posed by Opposition Spokesperson on Energy and Mining, Phillip Paulwell, in the House of Representatives on Tuesday (January 28).
  • The Ministry has a specialised Oil and Gas Production Sharing Agreement (PSA) that allows United Oil and Gas Plc of Ireland to exclusively explore for oil and gas offshore Jamaica. Mr. Vaz informed that an aggressive work programme was put forward in January 2024 that will significantly de-risk identified oil and gas prospects off Jamaica’s south coast.
  • “The work programme includes a concentrated drop core/piston core survey, which is now going through the environmental application process at National Environment and Planning Agency (NEPA).
  • For this survey, a specialised vessel is scheduled to retrieve samples from the sea floor to test for the presence of oil/gas, which marks a major milestone for the project,” he stated. Mr. Vaz further informed that United Oil and Gas Plc continues to try to identify partners to share the risk in drilling with new companies looking at Jamaica as a drill-or-drop.
  • UOG is a United Kingdom-based full-cycle oil and gas company that was founded in 2015 and was admitted to the London Stock Exchange Main Market in 2017. It subsequently transitioned to the Alternative Investment Market (AIM) of the London Stock Exchange in 2019.
  • UOG has exclusive rights to explore oil and gas resources in the Walton Morant Basin by way of the Production Sharing Agreement (PSA) signed in 2014. The Ministry of Science, Energy, Telecommunications and Transport (MSETT) recently allowed a two-year extension for UOG, which will end on January 31, 2026, or it can be extended if UOG decides to proceed with the next stage of exploration.

(Sources: JSE & NCBCM Research)