Sun | Jun 16, 2019

Landowner lists property for $9b, citing oil explorations

Published:Sunday | April 1, 2018 | 12:00 AMAvia Collinder
This March 23, 2018 photo shows the seismic vessel Polarcus Adira docked in Kingston for use by Tullow Oil to conduct 3D oil surveys on the south coast of Jamaica. A St Elizabeth landowner selling property for nearly $9 billion citing the ongoing explorations.

A landowner in St Elizabeth has listed property in Hodges for nearly $9 billion, citing the prospect of oil discoveries offshore that area of Jamaica.

The listing with the Multiple Listing Service of the Realtors Association of Jamaica invites local and international investors to place offers for "nearly 1,000 acres of land, including two white-sand beaches with over four miles of seafront".

The listing references local newspaper reports about current oil explorations along the south coast.

The explorations are being done by prospecting company Tullow Oil of the United Kingdom under licence from the Jamaican Government.

Interest in finding oil in Jamaican waters has been on the uptick since the Petroleum Corporation of Jamaica announced in February that Tullow was scheduled to start the first ever 3D seismic surveys in Jamaica's offshore in the third week of March.

The marine survey will be conducted over a 2,250 square- kilometre area within the Walton Morant Block south of Jamaica.

The survey was commissioned based on encouraging results from two rounds of 2D surveys conducted over the last two years.

The unidentified landowner in Hodges is pitching possible uses of his property as "a trans-shipment hub, tourist resort, attractions, residential communities, farming, or entertainment venue."

The property is listed in five currencies: US$70,000,000, J$8,825,600,000, CDN$89,864,576, €56,343,207 and £49,803,059.

Attempts by the Financial Gleaner to locate the property owner were unsuccessful.

avia.collinder@gleanerjm.com