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United Oil & Gas : s Jamaica exploration prospect upgraded by expert
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02/22/2019 | 07:36am EST
This is a standout outcome, as it is not uncommon for volumes to be downgraded when structures, that have previously been identified on 2D seismic, are mapped on a 3D dataset
United Oil & Gas PLC (LON:UOG) told investors that its Colibri exploration prospect, offshore Jamaica, has been estimated independently to host some 229mln barrels of oil potential.
A new review of the Walton-Morant licence by consultant ERC Equipoise has upgraded the view of the exploration partnership with Tullow Oil.
Colibri is only one of a number of high impact areas seen within Walton-Morant, and, United noted that the latest assessment is encouraging as a farm-out process progresses to bring in additional partners to the licence.
"The high-grade undrilled Colibri prospect has not only passed robust and comprehensive technical scrutiny by an independent third party, but ERCE has seen fit to upgrade the gross mean unrisked prospective resources to 229 MMstb and to increase the likelihood of success, said Brian Larkin, United chief executive.
This is a standout outcome, as it is not uncommon for volumes to be downgraded when structures, that have previously been identified on 2D seismic, are mapped on a 3D dataset.
The next step for Colibri would be making the decision to drill what could be a transformational well for United and, with this in mind, we are working closely with Tullow on a forward plan for the licence.
Larkin highlighted that there has already been considerable industry interest in the Walton Morant licence and the new upgrade, along with ongoing seismic exploration work, is expected to give additional impetus to the joint farm down process.
United is confident that the farm-out process will allow it to participate in the Jamaica opportunity with low-cost exposure.
(c) 2019 ITP Media Group. All Rights Reserved Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers.
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Tullow Oil : United Oil & Gas Says 229 Million Barrels of Oil Potential Estimated Offshore Jamaica
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02/23/2019 | 07:39am EST
United Oil & Gas has told investors that its Colibri exploration prospect, offshore Jamaica, has been estimated independently to host some 229-million barrels of oil potential.
A new review of the Walton-Morant licence by consultant ERC Equipoise has upgraded the view of the exploration partnership with Tullow Oil.
Colibri is only one of a number of high impact areas seen within Walton-Morant, and United noted that the latest assessment is encouraging as a farm-out process progresses to bring in additional partners to the licence.
United is confident that the farm-out process will allow it to participate in the Jamaica opportunity with low-cost exposure.
(c) 2019 Business and Financial Times - All Rights Reserved Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers
=======================
Jamaica encouraged by 3D oil and gas surveys
Bert Wilkinson | 5/24/2018, 1:09 p.m.
Jamaica is fancying its chances of becoming the latest Caribbean Community nation after Guyana to find commercial quantities of oil and gas in the wake of encouraging indications from the most recent round of offshore surveys.
Jamaican authorities said on the weekend that they were upbeat about the results of three dimension offshore surveys aimed at determining whether the northern Caribbean island nation will remain as a net importer rather than a producer of oil and gas.
The Petroleum Corporation of Jamaica said the 3D program run by Tullow Oil of the United Kingdom marked the first time that such high-tech surveys were done anywhere in island waters, and the signs are good for further investment.
“Tullow’s decision to do the 3D seismic survey shows that the data indicators are pointing in the right direction, and we hope that the results of the post-survey data analysis will prompt them to move forward to the next phase,” said Winston Watson, group general manager of the PCJ.
Encouraged by consistent seepages of live oil both on and offshore in Jamaica in recent months, Tullow and the PCJ decided to step up exploration and survey work, convinced that commercial quantities of both oil and gas lie below the seabed and on land in Jamaica.
Late last year, local fishermen pointed authorities to live oil on top of the water off Jamaica’s south coast. Initially, the seepage was dismissed as waste oil either from cruise or other commercial ships operating in or passing through Jamaican waters.
But the fishermen insisted that the oil was new, fresh and recurring, so authorities decided to take a second look, and Tullow unpacked its equipment and started work anew.
Weeks later, inland in northern Jamaica, locals also pointed officials to seepages. Experts investigating the seepages discovered that the two were a mere 47 miles apart, which suggests that there might be an active system underground.
The PCJ’s Watson said, “The 3D seismic survey, Jamaica’s first, is the most advanced oil-and-gas exploration study ever carried out in Jamaica, and its completion marks the steady progress of the exploration PSA the PCJ signed with Tullow in 2014.”
The study area, The Gleaner newspaper reported, covered 2,250 square kilometers, and the survey ran for 45 days.
Jamaica’s efforts to determine whether it has commercial quantities of oil and gas come amid a mad rush by Caribbean nations such as Guyana, Grenada, Barbados and Suriname and also the Bahamas to become oil producers.
U.S. giant ExxonMobil is preparing for a late 2019 or early 2020 production startup in Guyana. Grenada’s government in March said that recent surveys prove the island, close to oil and gas-rich Trinidad, has commercial quantities that will be developed in the coming years.
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Guyana prepares for oil as Trinidad fades away
Bert Wilkinson | 11/1/2018, 2 p.m. | Updated on 11/1/2018, 2 p.m.
An interesting development is taking place in relation to oil and gas prosecution in the 15-nation Caribbean Community. For decades, ...
62
An interesting development is taking place in relation to oil and gas prosecution in the 15-nation Caribbean Community.
For decades, Trinidad and Tobago had ruled the roost of nations in the region producing oil both to supply its neighbors and to export farther afield.
But the region’s largest economy has seen such a steady decline in production of offshore wells that authorities are currently preparing for the closure of the bloc’s largest and oldest refinery as daily production has slumped to about 40,000 barrels per day, forcing authorities to import 100,000 simply to make the refinery work for more than a few hours.
But as Trinidad concentrates more on its abundant supply of natural gas, Guyana and Suriname, its neighbors to the south, are engaged in a frenetic effort to kick-start large-scale offshore oil production.
By the first quarter of next year or by the end of 2018, Guyana will become one of the world’s newest oil producers after the 2015 world-class offshore discovery by American oil giant ExxonMobil.
To exploit one of the largest deposits of sweet, light crude anywhere on the globe, Exxon has teamed up with Hess Oil of the U.S. and China in a consortium that is enjoying so much success that the find has served as a magnet for nearly every oil major in the world to apply for a concession or to buy into companies with existing concessions.
share with twitter share with LinkedIn share with facebook share via e-mail
0
02/22/2019 | 07:36am EST
This is a standout outcome, as it is not uncommon for volumes to be downgraded when structures, that have previously been identified on 2D seismic, are mapped on a 3D dataset
United Oil & Gas PLC (LON:UOG) told investors that its Colibri exploration prospect, offshore Jamaica, has been estimated independently to host some 229mln barrels of oil potential.
A new review of the Walton-Morant licence by consultant ERC Equipoise has upgraded the view of the exploration partnership with Tullow Oil.
Colibri is only one of a number of high impact areas seen within Walton-Morant, and, United noted that the latest assessment is encouraging as a farm-out process progresses to bring in additional partners to the licence.
"The high-grade undrilled Colibri prospect has not only passed robust and comprehensive technical scrutiny by an independent third party, but ERCE has seen fit to upgrade the gross mean unrisked prospective resources to 229 MMstb and to increase the likelihood of success, said Brian Larkin, United chief executive.
This is a standout outcome, as it is not uncommon for volumes to be downgraded when structures, that have previously been identified on 2D seismic, are mapped on a 3D dataset.
The next step for Colibri would be making the decision to drill what could be a transformational well for United and, with this in mind, we are working closely with Tullow on a forward plan for the licence.
Larkin highlighted that there has already been considerable industry interest in the Walton Morant licence and the new upgrade, along with ongoing seismic exploration work, is expected to give additional impetus to the joint farm down process.
United is confident that the farm-out process will allow it to participate in the Jamaica opportunity with low-cost exposure.
(c) 2019 ITP Media Group. All Rights Reserved Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers.
====================
Tullow Oil : United Oil & Gas Says 229 Million Barrels of Oil Potential Estimated Offshore Jamaica
share with twitter share with LinkedIn share with facebook share via e-mail
0
02/23/2019 | 07:39am EST
United Oil & Gas has told investors that its Colibri exploration prospect, offshore Jamaica, has been estimated independently to host some 229-million barrels of oil potential.
A new review of the Walton-Morant licence by consultant ERC Equipoise has upgraded the view of the exploration partnership with Tullow Oil.
Colibri is only one of a number of high impact areas seen within Walton-Morant, and United noted that the latest assessment is encouraging as a farm-out process progresses to bring in additional partners to the licence.
United is confident that the farm-out process will allow it to participate in the Jamaica opportunity with low-cost exposure.
(c) 2019 Business and Financial Times - All Rights Reserved Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers
=======================
Jamaica encouraged by 3D oil and gas surveys
Bert Wilkinson | 5/24/2018, 1:09 p.m.
Jamaica is fancying its chances of becoming the latest Caribbean Community nation after Guyana to find commercial quantities of oil and gas in the wake of encouraging indications from the most recent round of offshore surveys.
Jamaican authorities said on the weekend that they were upbeat about the results of three dimension offshore surveys aimed at determining whether the northern Caribbean island nation will remain as a net importer rather than a producer of oil and gas.
The Petroleum Corporation of Jamaica said the 3D program run by Tullow Oil of the United Kingdom marked the first time that such high-tech surveys were done anywhere in island waters, and the signs are good for further investment.
“Tullow’s decision to do the 3D seismic survey shows that the data indicators are pointing in the right direction, and we hope that the results of the post-survey data analysis will prompt them to move forward to the next phase,” said Winston Watson, group general manager of the PCJ.
Encouraged by consistent seepages of live oil both on and offshore in Jamaica in recent months, Tullow and the PCJ decided to step up exploration and survey work, convinced that commercial quantities of both oil and gas lie below the seabed and on land in Jamaica.
Late last year, local fishermen pointed authorities to live oil on top of the water off Jamaica’s south coast. Initially, the seepage was dismissed as waste oil either from cruise or other commercial ships operating in or passing through Jamaican waters.
But the fishermen insisted that the oil was new, fresh and recurring, so authorities decided to take a second look, and Tullow unpacked its equipment and started work anew.
Weeks later, inland in northern Jamaica, locals also pointed officials to seepages. Experts investigating the seepages discovered that the two were a mere 47 miles apart, which suggests that there might be an active system underground.
The PCJ’s Watson said, “The 3D seismic survey, Jamaica’s first, is the most advanced oil-and-gas exploration study ever carried out in Jamaica, and its completion marks the steady progress of the exploration PSA the PCJ signed with Tullow in 2014.”
The study area, The Gleaner newspaper reported, covered 2,250 square kilometers, and the survey ran for 45 days.
Jamaica’s efforts to determine whether it has commercial quantities of oil and gas come amid a mad rush by Caribbean nations such as Guyana, Grenada, Barbados and Suriname and also the Bahamas to become oil producers.
U.S. giant ExxonMobil is preparing for a late 2019 or early 2020 production startup in Guyana. Grenada’s government in March said that recent surveys prove the island, close to oil and gas-rich Trinidad, has commercial quantities that will be developed in the coming years.
=======================
Guyana prepares for oil as Trinidad fades away
Bert Wilkinson | 11/1/2018, 2 p.m. | Updated on 11/1/2018, 2 p.m.
An interesting development is taking place in relation to oil and gas prosecution in the 15-nation Caribbean Community. For decades, ...
62
An interesting development is taking place in relation to oil and gas prosecution in the 15-nation Caribbean Community.
For decades, Trinidad and Tobago had ruled the roost of nations in the region producing oil both to supply its neighbors and to export farther afield.
But the region’s largest economy has seen such a steady decline in production of offshore wells that authorities are currently preparing for the closure of the bloc’s largest and oldest refinery as daily production has slumped to about 40,000 barrels per day, forcing authorities to import 100,000 simply to make the refinery work for more than a few hours.
But as Trinidad concentrates more on its abundant supply of natural gas, Guyana and Suriname, its neighbors to the south, are engaged in a frenetic effort to kick-start large-scale offshore oil production.
By the first quarter of next year or by the end of 2018, Guyana will become one of the world’s newest oil producers after the 2015 world-class offshore discovery by American oil giant ExxonMobil.
To exploit one of the largest deposits of sweet, light crude anywhere on the globe, Exxon has teamed up with Hess Oil of the U.S. and China in a consortium that is enjoying so much success that the find has served as a magnet for nearly every oil major in the world to apply for a concession or to buy into companies with existing concessions.