Oil Company CEO Sees Jamaica as the Next Big Oil Powerhouse

• United Oil and Gas (UOG) is intensifying its efforts to find partners for oil exploration off Jamaica’s south coast, promoting the Walton-Morant block as a “world-class frontier opportunity” with game-changing potential. In an interview, CEO Brian Larkin described the block as “one of the Caribbean’s last great untapped oil plays,” suggesting it could rival the massive discoveries in Guyana and Namibia.
• However, Jamaica’s play sits in shallower waters of 50 to 2,000 metres, making the project less costly and more appealing under environmental, social, and governance (ESG) standards. As such, the company is seeking approximately US$50 million to drill its first well and is currently sharing data with “household name” companies, ranging from regional players to oil majors.
• UOG received a two-year license extension in early 2024, giving it until January 2028 to drill. In May, it applied for permission from Jamaica’s environmental agency (NEPA) to conduct piston core sampling — the final step before drilling. Of note, Jamaica drilled 11 oil wells between 1955 and 1982, none of which were commercially successful, though hydrocarbons were found. Larkin believes modern seismic data could change the outcome.
• The most promising near-term target is the Colibri prospect in the Walton Basin, estimated to hold 400 million barrels. Gaffney Cline gave it a 19% geologic chance of success, potentially rising to 33% with piston core results. Even bigger prospects lie in the less explored Morant Basin, with targets like Thunderball (600 million barrels), Moonraker, and Blofeld — all part of UOG’s James Bond-themed naming.
• UOG holds 100% of the license but is open to a farm-out deal where equity would be shared. “There’s potential that we would retain operatorship, or that an importer would want to take the operatorship. That’s all still to play for,” Larkin said. With technical partners already lined up and permitting advanced, the company says it’s ready to move fast.
• With just over two years left before drilling must begin, the pace of partnership development could shape Jamaica’s future as a potential oil-producing nation.

(Source: Caribbean National Weekly)