Exploring Jamaica’s Depths: United Oil’s Quest for Oil Discovery
United Oil and Gas Plc eagerly anticipates the approval of a license that will allow them to delve beneath Jamaica’s seabed and collect vital samples in their search for oil. The company’s CEO, Brian Larkin, emphasized the firm’s unwavering commitment to Jamaica, citing its immense potential for transformative growth in the oil sector. As they progress with planning and permitting processes for piston core sampling, they anticipate receiving the necessary permits by early 2025.
Key Points:
- United Oil is actively engaged in securing a drilling partner to mitigate investment risks through a farm-out process.
- Piston core sampling involves machines descending deep into the seabed to extract sediment and mud samples for the analysis of hydrocarbon traces.
- The company aims to increase the likelihood of discovering oil offshore Jamaica from the current estimate of 25% to 33% based on forthcoming data.
United Oil’s extensive groundwork in Jamaica includes conducting comprehensive 2D and 3D surveys that identified promising subsurface structures resembling potential oil reserves. An independent assessment valued the most prospective reservoir at a staggering US$23 billion, projecting extraction over a 25-year period. With a vast exploration license encompassing 22,400 square kilometers along Jamaica’s southern coast in the Walton-Morant zone, the company is poised for substantial growth in the region.
Further Developments:
- Herona Thompson now leads United Oil’s operations in Jamaica, underscoring the company’s strengthened focus on the region.
- The company’s divestment of its Egyptian stake, prompted by operational challenges, highlights their strategic shift towards maximizing opportunities in Jamaica.
Concluding Thought:
United Oil’s strategic realignment towards Jamaica underscores the company’s commitment to unlocking the region’s vast exploration potential. With meticulous planning and collaboration with industry partners, United Oil is poised to make significant strides towards its goal of oil discovery in Jamaica’s bountiful seabed.
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