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State-run Petroleum Corporation of Jamaica (PCJ) on Monday launched the country's second formal licensing round for 19 offshore and four onshore blocks.
The offshore blocks are 2 (2,940km2), 3 (3,220km2), 4 (9,533km2), 15 (2,951km2), 16 (2,951km2), 18 (4,424km2), 19 (4,424km2), 20 (3,945km2), 21 (2,960km2), 22 (2,960km2), 23 (2,960km2), 24 (2,960km2), 25 (2,873km2), 26 (2,943km2), 27 (2,951km2), 28 (2,960km2), 29 (2,896km2), 30 (2,951km2) and 31 (2,960km2), according to information provided by PCJ.
Of 31 offshore blocks, 12 are under license to three companies. The 19 offshore blocks have leads that each contain between 200Mb and 1Bb of original oil in place.
The onshore blocks are Negril (2,853km2), Portland (4,289km2), Santa Cruz (1,406km2) and Windsor (2,443km2).
Companies interested in participating in the round must purchase the following data sets: Jebco Alliance Report for US$25,000 that covers the hydrocarbon potential of Jamaica; and a supplemental report for US$15,000 available end-April. Complementary and optional data sets are available.
Potential bidders will arrange with PCJ to purchase seismic data through May. Proposals are due by March 1, 2011 and interviews will begin the following month.
Contract terms include five-year exploration and 20-year production periods, the latter of which could be extended by 10 years; no restriction on production exports or repatriation of capital; and the ability to recover production costs, make return on investment, defray tax obligations, before sharing profit with the government.
Other terms are a 33.3% maximum income tax rate and/or possible tax exemption for a number of years, and permission to sell, farm-out or JV opportunities to other companies.
PCJ will participate at the American Association of Petroleum Geologists' (AAPG) prospect and property expo in London this week. Other planned events this year include participation at AAPG's meeting in New Orleans on April 11-14, and a presentation in Houston on April 27.
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