Proteam picks up offshore blocks 1,5,8,17

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Wednesday, March 26, 2008

Hong Kong-based Proteam Group has won offshore blocks 1, 5, 8 and 17 in Jamaica's second oil and gas licensing round, state-run Petroleum Corporation of Jamaica's (PCJ) special projects director Raymond Wright told BNamericas.

"They expect to conduct a seismic acquisition program towards the end of 2008, the specifics of which have not yet been determined including the contractor who will perform the services," Wright said.

Blocks 1, 5, 8 and 17 cover 4,919km2, 2,944km2, 1,924km2 and 7,901km2 respectively.

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Contracts entail five-year exploration and 20-year production periods with an optional 10-year production extension.

Excess gas could go to create methanol, fertilizer, urea or LNG, among other products.

In 2005, Australian company Finder Exploration and Canada's Rainville picked up blocks in a first licensing round. Private companies carried out exploration activity in Jamaica from 1955-73 and PCJ from 1978-82.