••Jamaica plans to open up more acreage for exploration this

[Wahalla]

Maybe GOP has more upside after all.. Below is a quote from UPSTREAM..

Now maybe Pauwell can negoiate better than 12.5 % he gave to Petrobras.. Considering the fact that Mossadegh got 13 % of oil and wanted more... Guess we can sell the silver before we even own it.. Then we will have the complaints exploitation....
This time it wont be alcan or Kaiser but Petrobras and Petronas... Not the Yankees but the Malaysains and the Brazilians.. Wernt we more developed than both in 73 ????



••Jamaica plans to open up more acreage for exploration this year, with companies being offered a sliding scale royalty payment to help attract interest.

The country plans to hold a roadshow for the round in Houston on 31 January

[Tuff Gong]

Re: ••Jamaica plans to open up more acreage for exploration this


The Royality Payment is the key.....an way you can get it, the GOJ plans to haul in the cash!

[Wahalla]

Re: ••Jamaica plans to open up more acreage for exploration this


<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Tuff Gong</div><div class="ubbcode-body">
The Royality Payment is the key.....an way you can get it, the GOJ plans to haul in the cash! </div></div>

tuffy they made an atrious deal.... 12.5 % is all they are going to get! I also beleive that Petronas will get 100 % Cost recovery. (This means that there is no incentive to reduce costs.. Now oil companies are fighting to 75 % cost recovery based on competitive tender of services)....Compare this with Barbados of all places..And the Bajan deal was negoitated with oil less than $20 oil in 1997...While Jamaica struck a 25 year deal with Petrobras at a time the average price of oil was above $ 65..




Waggoner rolls up sleeves for Barbados deal

By US INDEPENDENT Waggoner looks set to mix business with pleasure having won a two-part contract worth $54 million for onshore oil exploration and development in Barbados.The deal struck between subsidiary Waggoner (Barbados) and the government of the Caribbean island covers rights to enhanced recovery and exploration on all 16,000 onshore acres. Waggoner has seven years to fulfil contract obligations on the exploration phase, including drilling of one wildcat by 1999. President Tom Waggoner told Upstream that exploration efforts will not start for at least another year as the company will have its hands full drilling 100 new development wells beginning in April 1997 . All of the new wells will be drilled between depths of 4500 and 6500 feet, he said. It will take about a week or so to drill each well, and we'll probably use a trailer-mounted rig, possibly from Venezuela, although we're still shopping at this point. The Texas independent spent nearly three years in negotiations for the project, finally edging out the majors after touting its stripper production expertise. Of the 200 or so wells already drilled in the country, about 180 are producers but they only average 10 to 20 barrels of oil per day each, explained Waggoner. The government needed to feel comfortable with what we had to offer, which is why negotiations went on for so long. Barbados currently produces under 1000 bpd and consumes up to 6000 bpd, most of which is imported from Venezuela. All produced crude is refined by Mobil on the island. Waggoner hopes to add up to 5000 bpd of production in the short term by use of advanced enhanced recovery techniques and any excess production would be exported. Waggoner and state-owned Barbados National Oil Company have formed a joint board for the projects. Waggoner's president and BNOC's general manager Ron Hewitt will work together to oversee E&amp;P activity. Terms of the 25-year development phase of the contract include cost recovery for Waggoner followed by a 60-40 split respectively for Waggoner and the government until a certain production level is reached . Waggoner plans to spend $22 million in the first year alone. Geologically, Barbados is a young island, less than a million years old. It is formed of coral, unlike neighboring islands to the west, which were shaped by volcanic activity. Conoco holds the offshore exploration rights and plans to shoot seismic later this year.
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11 February 1997 00:00 GMT |

[Tuff Gong]

Re: ••Jamaica plans to open up more acreage for exploration this

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Wahalla</div><div class="ubbcode-body">
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Tuff Gong</div><div class="ubbcode-body">
The Royality Payment is the key.....an way you can get it, the GOJ plans to haul in the cash! </div></div>

tuffy they made an atrious deal.... 12.5 % is all they are going to get! I also beleive that Petronas will get 100 % Cost recovery. (This means that there is no incentive to reduce costs.. </div></div>

Crack Whores are generally not in a position to demand a high price for their services.