Uog plc

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Cuba has 124mmbo they have a hard time mining it...petrojam now produce 36 000 b/d
asphalt included and Re-export to barbados and Trinidad and Tobago, Grenada plans to refine its oil there too when their offshore well comes up

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Jamaica Making Progress in Meeting 50 Per Cent Renewable Energy Target

BnamericasPublished: Wednesday, March 19, 2025
Clean Energy Transition ESG Climate change
Jamaica Information Service

Jamaica is making strides in meeting its target of generating 50 per cent of its electricity from renewable sources by 2030.

Minister of Science, Energy, Telecommunications and Transport, Hon. Daryl Vaz, highlighted the progress being made during a press conference at the Ministry’s office in Kingston on Tuesday (March 18).

In October 2018, the Government stated its intention of having 50 per cent or approximately 520 megawatts of renewable energy in the local energy mix by 2030.

This is an increase from the previously declared 30 per cent target, which was announced April 2017.

In pursuit of the renewable energy target, the Government implemented legislation, enabling Jamaica Public Service (JPS) customers with renewable energy generators to sell excess capacity to JPS at wholesale prices.

“The Electricity (Net Billing) Regulations, 2022 accelerated distributed renewable energy adoption, with 436 new renewable systems licensed, adding 8.5 megawatts of new capacity,” Minister Vaz noted.

He further cited the expansion of utility-scaled renewable projects that are expected to come on stream soon, further bolstering the renewable energy push.

“In November 2024, the Generation Procurement Entity (GPE) awarded 99.83 megawatts of new solar capacity contract to Wigton Energy Limited and Sunterra Energy Jamaica Ltd., supporting the 50 per cent renewable energy target by 2030. Both bidders have obtained their generation licences from the Ministry, and their implementation schedule completion is expected by 2027,” he informed.

An additional 220 megawatts of utility-scale renewables with storage will be competitively procured in 2025.

These projects, along with the JPS’s replacement of 171.5 megawatts of retiring fossil fuel units with renewables, will bring renewables electricity generation close to 48 per cent when the projects are connected to the grid, Minister Vaz said.

Minister Vaz indicated that the country’s renewable energy capacity stood at 188 megawatts by December 2024, generating an estimated 481,432-megawatt hours annually, accounting for 10 per cent of the nation’s total electricity production.

This is up from 2016, when renewable energy capacity represented seven per cent of total grid generation.

Minister Vaz said the progress made in expanding the energy portfolio has been guided by a robust policy framework and strategic investments.

He acknowledged an increase in electricity prices between 2016 and 2024 but noted that this was not due to a lack of investment in renewable energy, citing the supply chain disruptions from the COVID pandemic, the Russia-Ukraine conflict, and other conflicts led to spikes in global oil and natural gas prices, and a subsequent increase in electricity costs.

“The view that electricity prices in Jamaica have increased due to a lack of investment in renewables ignore the global macroeconomics and energy market realities that have driven electricity costs higher worldwide,” he noted.

He noted, further, that the cost of raw materials for renewable energy infrastructure such as wind turbines increased sharply between 2021 and 2023, delaying cost reductions in renewable energy generation.

“Had Jamaica procured renewables during the higher price period, those elevated prices would have locked us in for decades,” the Minister contended.

He said that while renewable energy technology costs have declined over time, the transition away from fossil fuels must be a planned, orderly, and well-timed deployment.

Further highlighting the progress in renewable energy, Mr. Vaz noted that in 2024, Jamaica moved up eight places in the Bloomberg NEA Climate Scope Report, ranking 10th in Latin America and the Caribbean for renewable energy investment attractiveness.

“This reflects clear and strong policy direction, regulatory improvements and investment incentives that position Jamaica as a leader in the regional energy transition,” he affirmed.

Jamaica’s transition to adopting 50 per cent renewables is being guided by the updated Integrated Resource Plan (IRP-2), which was approved by Cabinet and published in 2024.

The Plan prioritises wind, hydro and solar as primary energy sources, and battery energy storage systems (BESS) for grid stability, reliability and efficiency.

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Excelerate Energy Advances Growth Strategy with Acquisition of Jamaica Downstream LNG and Power Infrastructure Business from New Fortress Energy

BnamericasPublished: Thursday, March 27, 2025
Mergers & Acquisitions Natural Gas Generation Regasification LNG
Excelerate Energy

Excelerate Energy, Inc. (NYSE: EE) (“Excelerate” or the “Company”) today announced that it has entered into a definitive agreement with New Fortress Energy Inc. (“NFE”) (NASDAQ: NFE) under which Excelerate will acquire NFE’s business in Jamaica for $1.055 billion in cash.

Under the terms of the agreement, Excelerate will acquire the assets and operations of the Montego Bay LNG Terminal, the Old Harbour LNG Terminal, and the Clarendon combined heat and power (“CHP”) co-generation plant. Excelerate expects to assume all material contracts currently in place.

“This transaction represents an important milestone in the execution of Excelerate’s downstream growth strategy. It will expand and diversify our platform, while positioning Excelerate as the key provider of essential LNG import infrastructure in a desirable and growing Atlantic basin natural gas market,” said Steven Kobos, President and Chief Executive Officer of Excelerate. “These assets complement our existing operational expertise and our long-term LNG supply agreements, while offering the potential for future growth opportunities as natural gas becomes an increasingly essential part of Jamaica's energy mix.”

Kobos continued, “Importantly, this transaction also enhances our financial profile, providing predictable, long-term cash flows at stable margins with a weighted average remaining contract duration of approximately 21 years including contract extensions. We are confident the addition of this Jamaica platform will deliver significant value for our shareholders, while building on our commitment to providing cleaner and more affordable natural gas to countries across the globe.”

Compelling Strategic and Financial Benefits

• Fully Integrated Downstream LNG and Power Infrastructure with High Barriers to Entry: This strategic acquisition adds downstream and “last-mile” infrastructure to complement and diversify Excelerate’s existing portfolio:
  • Differentiated position as Jamaica’s sole LNG platform with first-mover advantage, benefitting from years of invested capital and history serving industrial customers and the Jamaica Power System, including one of the country’s largest gas-fired power plants
  • Assets include Jamaica’s only two LNG terminals, serving power plants and industrial customers, as well as Jamaica’s only combined heat and power co-generation plant
• Long-Term Contracted Assets with High-Quality Customers: Infrastructure-like contract profile with stable margins, attractive long-term offtake tenor and robust recontracting opportunities:
  • 86% of contracted revenue was Take-or-Pay as of December 31, 2024, with a weighted average remaining tenor of approximately 13 years, representing approximately $2.9 billion of cumulative Take-or-Pay direct margin 2025 through 2039
  • Long-term, Excelerate plans to use its own Venture Global LNG supply which is well-matched with customer offtake commitments, minimizing commodity risk
  • High-quality customers, with a weighted average credit rating of A3 / A-
• Provider of “Last-Mile” LNG Infrastructure in a Desirable Atlantic Basin Natural Gas Market: Jamaica business strengthens Excelerate’s competitive position, expanding on its core FSRU terminal services and gas supply businesses in a growth market:
  • Diversifies Excelerate’s geographic and operational exposure with position in a highly attractive Atlantic basin market with access to abundant, nearby US Gulf Coast LNG supply sources
  • Aligns Excelerate’s 20-year Venture Global LNG supply agreement for 0.7 MTPA with the approximately 13-year weighted average contract length, or 21-year average contract length including extensions, for the Jamaica assets
  • Extends Excelerate’s position as a trusted partner for sovereign governments and major LNG producers around the world
• Pipeline of Potential Organic Growth Opportunities: The acquisition offers opportunities to expand in Jamaica, leveraging existing infrastructure, including:
  • LNG Bunkering: Use of existing infrastructure and assets provides opportunity to provide LNG bunkering services in a high-traffic location with strong demand, benefitting from the trend of container and cruise vessels increasingly utilizing the Caribbean as a bunkering destination
  • Expansion of the Clarendon CHP Plant: Opportunity to double the generation capacity of the CHP plant, providing valuable baseload power to meet anticipated growth of electricity demand in Jamaica
  • Incremental Gas Supply: Ability to continue to grow LNG fuel supply for Jamaica’s industrial base, benefitting from the anticipated continued shift away from oil as natural gas becomes an increasingly essential part of Jamaica's energy mix
• Enhanced Pro Forma Operational and Financial Profile: Acquisition has attractive economics and furthers Excelerate’s goal of diversifying the geographic footprint of its asset portfolio:
  • Transaction is expected to be immediately accretive to earnings per share
  • Provides predictable long-term operating cash flows

Transaction Details

The cash purchase price of $1.055 billion represents a multiple of approximately 9x the Jamaica business’ 2025E adjusted EBITDA. Excelerate intends to fund the transaction using a combination of permanent financing and cash-on-hand. Excelerate has backstopped the financing with an $850 million fully committed bridge facility.

Timing and Approvals

The transaction was unanimously approved by the Excelerate and NFE Boards of Directors and is expected to close as early as the second quarter of 2025, subject to regulatory approvals and the satisfaction of other customary closing conditions.

Advisors

Evercore is serving as financial advisor and Gibson, Dunn & Crutcher LLP as legal advisor to Excelerate.

Barclays Bank PLC (“Barclays”), Wells Fargo Bank, N.A., Cr

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United Oil & Gas PLC (United Oil & Gas)


Get all the information about United Oil & Gas PLC (United Oil & Gas), a company operating mainly in the Oil & Gas sector. Connect with its key contacts, projects, shareholders, related news and more. The company has operations in England, which include Upstream Company. Write to us at info@bnamericas.com or call us at +56 (2) 29410300 to schedule a demonstration of our platform.
Upstream Company
Description:

United Oil & Gas plc (UOG) is an English oil & gas exploration and development company incorporated in 2015 in London which develops strategies to acquire oil and gas licenses in the different continents. In 2017, UOG entered an agreement with the English firm Tullow Jamaica Limited to acquire rights over its 32,000-km2 Walton-Morant maritime concession, transaction approved in 2018 by the Petroleum Corporation of Jamaica (PCJ), by which Tullow transferred 20% interest of the license to UOG.

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United Oil & Gas PLC (United Oil & Gas)


Get all the information about United Oil & Gas PLC (United Oil & Gas), a company operating mainly in the Oil & Gas sector. Connect with its key contacts, projects, shareholders, related news and more. The company has operations in England, which include Upstream Company. Write to us at info@bnamericas.com or call us at +56 (2) 29410300 to schedule a demonstration of our platform.
Upstream Company
Description:

United Oil & Gas plc (UOG) is an English oil & gas exploration and development company incorporated in 2015 in London which develops strategies to acquire oil and gas licenses in the different continents. In 2017, UOG entered an agreement with the English firm Tullow Jamaica Limited to acquire rights over its 32,000-km2 Walton-Morant maritime concession, transaction approved in 2018 by the Petroleum Corporation of Jamaica (PCJ), by which Tullow transferred 20% interest of the license to UOG.

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Morant Licence.

With over 2.4 billion barrels independently certified prospective resources and internal estimates exceeding 7 billion barrels, this licence remains one of the most compelling, frontier exploration opportunities globally.

Strong renewed interest from multiple potential partners is clear validation of the scale and potential value of this licence. We remain focused on securing the right farm-out deal for our shareholders."

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Notes

1 Based on UOG's arithmetic sum of the Unrisked Mean or Mid-Case Prospective Resources for each prospect or lead identified within the Walton Morant Licence boundary by UOG and/or previous operators

2 Prospective Resources Audit by Gaffney Cline & Associates, Dec 2020

3 Unrisked Mean Prospective Resources as per GaffneyCline PRR

4 Unrisked Mid-Case Prospective Resources in leads of varying maturity identified by previous operators

Appendix 1: Table of Certified and Uncertified Leads and Prospects Across the Walton Morant Licence