Jamaica

Investment & Operational Criteria

Key Indicators
‍

Risk Premia
‍

2.500

Outlook
‍

Neutral

Rating
‍

CCC|2H|±

Ranking
‍

Reserves (1P)
‍

Total
‍

mm boe

Oil
‍

Summary

Jamaica has had two phases of exploration but no commercial discovery, and interest remains limited. Recovery from Hurricane Melissa in 2025 will dominate the government's agenda, although macroeconomic management remains sound. Outlook maintained because there has been no material change in the upstream. Outlook: Neutral. Risk premia raised from 0.75% to 2.5%.

Updated

October 11, 2026

Country Basics

Region

Caribbean

Reserves (1P)
‍

Oil
‍

mm bbl

Gas
‍

bcf

Location

Caribbean, island in the Caribbean Sea, south of Cuba.

Outline

Tax Regime
Type

PSC/PSA

Tax Regime
Notes

Production sharing regime. Acreage is awarded by the Petroleum Corporation of Jamaica (PCJ) under PSAs, with royalty, cost recovery, a production-based profit split and income tax. Activity has been limited to frontier exploration, with no commercial discovery to date, so the terms have little track record.

Investment &
Operational
Climate

Prime Minister Andrew Holness won a third term in September 2025, but Hurricane Melissa caused devastating damage in October 2025 and reconstruction continues to weigh on the economy. US and UK guidance praise improved fiscal management and the open investment regime, but cite high crime, bureaucracy and climate vulnerability. There is no oil or gas production; United Oil & Gas holds the offshore Walton-Morant licence (extended to January 2028) and is seeking a farm-in partner, with no well expected before late 2027. Imported LNG, now supplied through Excelerate Energy's terminals (acquired from New Fortress Energy in 2025), fuels much of the power sector, and Jamaica also depends on imported refined products.

Source: ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data.