Belizeâs Ministry of Economic Development, Petroleum, Investments, Trade & Commerce and BelGeo Limited signed a Production Sharing Agreement (PSA) in January 2018 for 864 sq km -Â  a total of 16 blocks: 1(a), 1(b), 1(c), 2(a), 2(b), 3,4,7,8,13,14,15,20(a), 20 (b),36 (c) and 37. The contract has an exploration period of eight-years, with an initial exploration phase of two-years and three successive renewal periods of two-years each. If commercial discovery is made, there will be a development and production period of 25-years. Blue Creek has committed to a USD 15.45 million total investment, contract has a 10% royalty for crude oil and 7.5% for natural gas. No details have been released as to when the exploration program will start. Â 
United Oil & Gas has announced the completion of the farm-in and the transfer of the 20 per cent interest in the Walton-Morant Licence, offshore Jamaica from Tullow Jamaica to UOG.