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Apr 4, 2013

Government ecstatic about promising oil find in Orange Walk

The government is being cautious, but optimistic about what could likely be a promising oil find. The Geology and Petroleum Department, along with officials from Maranco Energy Belize Limited, are currently working around the clock assessing an oil find in the Orange Walk District to determine whether the recent discovery is of commercial quantity.  On Saturday, oil prospecting in the northwest block, an area covering approximately nine hundred, fifty-two square miles, led to the location of petroleum in an area under concession granted to Maranco.  In March 2011, the company won a production sharing agreement for exploration and production for a period of two years, along with three additional renewal periods.  The award came amidst strong opposition from the environmental community against new oil concessions in the north.  The find is said to be outside of the Rio Bravo Conservation and Management area and today News Five spoke with Minister of Energy and Sciences Joy Grant, who said that the department is ecstatic about the development.

 

Joy Grant, Minister of Energy & Science

Joy Grant

“We are very excited about what we found over the weekend which was an encouraging oil show.  We continue to do the tests.  There are several different phases in exploratory work, you know, you start with the seismic and then you go to exploratory wells and then to production.  So we’re at the point now where we’re continuing at the end of phase one and hopefully within the next four days or so we will know whether we will go into the second phase which will then determine unequivocally that this is a commercial find.  As you can imagine, the ministry, we want to be very sure that when we say anything to the Belizean public that it’s based on the facts on the ground.  So our staff they’ve been there twenty-four hours since we got the show and we will report very quickly to the Belizean public as we get more information but we continue to be encouraged.”

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4 Responses for “Government ecstatic about promising oil find in Orange Walk”

  1. Rod says:

    More money for this pm and his gov. To thief the poor people of this country I’d like to know how much money has gone to the poor people of this country so far well I can tell you not one coppa has gone to the poor people only to the ministers and their families wake up belizeans unu di sleep .

  2. Concerned Citizen says:

    Not sure..but does this show the terms of the PSA…..
    http://www.petersco.com/pdf/Maranco_JointVentureOpportunity_InformationMemorandum.pdf

    Its a document published by a company Maranco has hired to manage their finances…
    Not sure if the document is meant to be public…..but I would download it quickly and scrutinize it…

  3. Oscar965 says:

    Other than collecting government revenue, i have not seen any decrease in the price of gasoline. I wish we were heading in that direction cause i do not see the benefit for the average person with a vehicle. Hopefully i am wrong and someone can correct me…

  4. Gone fishing says:

    they should be estatic.

    now nationlize it, sieze the land and give to family and friends.
    BILK can operate it and control the money.

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