United Oil and Gas Plc is in the process of obtaining a license to start sampling beneath Jamaica’s seabed as part of its oil exploration efforts. CEO Brian Larkin emphasized that the company’s primary focus remains on Jamaica, which they see as having significant potential. The planning and permitting for piston core sampling is advancing, with approvals anticipated by early 2025.
Larkin also noted that discussions are ongoing with potential partners for a farm-out process, aimed at sharing the financial risks of drilling. The piston core sampling equipment will reach depths of hundreds of meters, extracting core samples up to 18 meters deep for hydrocarbon analysis.
The company hopes these samples will yield vital data to enhance the prospects of discovering oil offshore Jamaica. Current estimates suggest a 25 percent chance of a commercial find, which the company aims to increase to 33 percent based on previous evaluations.
“Jamaica remains our primary driver for growth, with the licence offering significant exploration potential. Our focus is now firmly on advancing the project and progressing the ongoing farm-out process to unlock its value, and currently working with a number of interested parties,” said Larkin.
United Oil’s previous efforts included conducting 2D and 3D surveys of the exploration area, which revealed subsurface structures that resemble oil deposits. An independent assessment valued the company’s most promising reservoir at approximately $23 billion, with extraction potential over a 25-year period. The company holds licenses to explore 22,400 square kilometers of offshore territory along Jamaica’s southern coast, known as the Walton-Morant zone.
Currently, United Oil’s operations in Jamaica are overseen by Herona Thompson.
In recent months there have been several rumors about the discovery of oil in Jamaica but Energy Minister Daryl Vaz says no oil has been discovered yet. United Oil and Gas (United Oil) has valued the largest repository within its wider zones of oil exploration offshore Jamaica as being worth J$3.5 trillion, or US$23 billion, at current oil prices.
It still, however, needs to prove that substances that resemble oil are indeed oil, and will require investments to dig the ocean floor for core samples.
