Belizeâs Ministry of Economic Development, Petroleum, Investments, Trade & Commerce and Blue Creek Exploration signed a Production Sharing Agreement (PSA) on 9 August 2017 for 296 sq km -Â  a total of seven blocks: 228, 246, 247, 264, 265, 281 and 282. 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 4.345 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.
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.