Six-month deferment of decision to drill for oil in Jamaica

Six-month deferment of decision to drill for oil in Jamaica

Drilling decision must now be made by July 31 this year

Wednesday, January 15, 2020

The two companies, involved in prospecting for oil in Jamaica, along the Walton Morant Basin, have agreed to a six-month deferment of their decision about whether to drill for the precious commodity in Jamaica.

The move comes as Tullow Jamaica and its overseas partner, United Oil and Gas PLC, have announced that the Production Sharing Agreement on the Walton Morant Basin has been amended. The amendment is to extend for a further six months the initial exploration period, during which a drill or drop decision is required.

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