Jamaica's PCJ signs contracts for offshore blocks
State-owned Petroleum Corp. of Jamaica has negotiated PSCs for four offshore blocks offered in the island's second licensing round that ended on July 16.
LOS ANGELES, Oct. 5 -- State-owned Petroleum Corp. of Jamaica has negotiated production-sharing contracts for four offshore blocks offered in the island's second licensing round that ended on July 16.
PSCs have been signed for offshore Blocks 1, 5, 8 and 17, subject to approval by the government. The contracts call for 5-year exploration and 20-year production periods with extensions of up to 10 years. The firms signing the contracts were not named.
Jamaica held an earlier licensing round in 2005, and granted exploration rights to Finder Exploration Pty. Ltd. for offshore Blocks 6, 7, 10, 11, and 12, and to Rainville Energy for offshore Blocks 9, 13, and 14.
Jamaica is seeking to develop domestic supplies of oil and gas to offset the high rate of imports, which currently stand at 90%.
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