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TIn theory, yes, the Jamaican Ministry of Finance (MoF) and/or the Petroleum Corporation of Jamaica (PCJ) could potentially fund or co-fund the drilling of a petroleum well at the Colibri Prospect using expertise from United Oil & Gas PLC (UOG), though this would be unconventional under Jamaica's current petroleum exploration framework. I'll break this down step by step based on the regulatory, operational, and economic context.
1. Understanding the Key Entities and the Colibri Prospect[LIST][*]Petroleum Corporation of Jamaica (PCJ): This is a fully government-owned statutory body under the Ministry of Science, Energy, Telecommunications and Transport (MSETT). Established in 1979 under the Petroleum Act, PCJ holds exclusive rights to explore and develop Jamaica's petroleum resources. Its role includes managing onshore and offshore exploration, issuing licenses, attracting foreign investment, and overseeing the sector to ensure energy security. Historically, PCJ has directly conducted exploration activities (e.g., drilling wells in the 1980s and financing seismic surveys via grants, such as a 2018 3D survey funded by the U.S. Trade and Development Agency). However, in modern practice, PCJ primarily acts as a regulator and licensor, partnering with private firms rather than directly funding or operating all projects.[*]Ministry of Finance (MoF): As the government's fiscal authority, the MoF oversees national budgeting, public investments, and economic policy. It could theoretically allocate funds for strategic national projects, including energy initiatives, if approved by Cabinet and aligned with Jamaica's National Energy Policy (which emphasizes diversifying energy sources, including oil and gas). The MoF has indirect involvement in petroleum through oversight of PCJ and approval of fiscal terms in licenses.[*]United Oil & Gas PLC (UOG): A UK-based private company holding 100% interest and operatorship in the Walton-Morant Licence (offshore Jamaica, covering ~22,400 km
1. Understanding the Key Entities and the Colibri Prospect[LIST][*]Petroleum Corporation of Jamaica (PCJ): This is a fully government-owned statutory body under the Ministry of Science, Energy, Telecommunications and Transport (MSETT). Established in 1979 under the Petroleum Act, PCJ holds exclusive rights to explore and develop Jamaica's petroleum resources. Its role includes managing onshore and offshore exploration, issuing licenses, attracting foreign investment, and overseeing the sector to ensure energy security. Historically, PCJ has directly conducted exploration activities (e.g., drilling wells in the 1980s and financing seismic surveys via grants, such as a 2018 3D survey funded by the U.S. Trade and Development Agency). However, in modern practice, PCJ primarily acts as a regulator and licensor, partnering with private firms rather than directly funding or operating all projects.[*]Ministry of Finance (MoF): As the government's fiscal authority, the MoF oversees national budgeting, public investments, and economic policy. It could theoretically allocate funds for strategic national projects, including energy initiatives, if approved by Cabinet and aligned with Jamaica's National Energy Policy (which emphasizes diversifying energy sources, including oil and gas). The MoF has indirect involvement in petroleum through oversight of PCJ and approval of fiscal terms in licenses.[*]United Oil & Gas PLC (UOG): A UK-based private company holding 100% interest and operatorship in the Walton-Morant Licence (offshore Jamaica, covering ~22,400 km
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