Minister of Science, Energy and Technology, Hon. Daryl Vaz, says the country’s oil and gas exploration continues.
He said in the first quarter of the 2020/2021 financial year, Cabinet approved the United Oil and Gas (UOG) acquisition of Tullow’s 80 per cent interest and operatorship by United Oil and Gas (UOG) to continue the exploration of the high potential prospectivity, unlocked by the new 3D seismic data acquired over the main drill prospect.
“UOG has identified 21 possible reservoir targets within the Walton-Morant Basin. To further reinforce the potential, an independent Competent Persons Report was performed by renowned Gaffney, Cline & Associates where they estimate that the acreage is capable of containing a potential mean, unrisked prospective resource of over 2.4 billion barrels of recoverable oil across 11 of those identified leads and prospects,” Mr. Vaz said.
He was speaking during his contribution to the 2021/2022 Sectoral Debate in the House of Representatives on May 18.
The Minister further informed that UOG has now commenced its global marketing campaign to attract an investor to commit to funding the drilling of an exploration well before January 2022 and executing that well by January 2024.
The cost of such an exploratory well is estimated to range between US$30 million and US$40 million.
“To provide context, the entire exploration journey since 2014 costs just over US$35 million. If this exploration is successful and properly managed, the potential for Jamaica would indeed be transformational,” Mr. Vaz said.