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Mar 26, 2014

Maranco Energy Belize Limited confirms possible reserve of fifty million barrels of oil in South Canal Bank

Colin Young

Almost one year ago, on March thirtieth 2013, Maranco Energy Belize Limited announced that it had found an encouraging oil show at its South Canal Bank number one exploration well. That never panned out, but tonight there is confirmation that Maranco has struck oil, black gold, after digging a second appraisal well as South Canal Bank number three. Initial estimates put the reserves at close to fifty million barrels of oil…more than double the initial reserves at the Spanish Lookout Belize Natural Energy well. That is a monumental discovery, but don’t be playing Jed Clampett, packing up the family and moving to Beverly Hills just yet. The oil is in the ground, yes…but getting it out is a whole different matter. Today, News Five spoke to C.E.O. in the Ministry of Energy, Colin Young. He told us that until the oil is in their hands, so to speak, they can’t even classify it as a commercial find.

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Colin Young, C.E.O., Ministry of Energy

“What we do know is that the area has oil and potentially significant amount of oil. But we want to ensure that the public understands that oil in the ground is very different from oil that you can extract from the ground. The extraction of oil from the ground is dependent on two primary features of the whack in which it is found. The first is the porosity…porosity is the amount of oil that the whack can hold. So if you imagine a house, the room in the house is the porosity; the amount of oil can be held in that room. The other factor is the permeability. That now refers to the amount of windows and doors that this room would have—in the cases of the whacks, the whack spaces—the oil can seep through to be extracted. So in the case of Maranco, what we know is that it is a high porosity; meaning potentially millions of gallons of oil. But we do know that the permeability is very, very low. And so now the issue is the cost. How much will it cost to actually extract the oil? So at this point, the Geology and Petroleum Department and the Ministry and the Government are unable to determine whether this find is commercial or not. They will actually now embark on a number of stimulation enhancement techniques that will allow us to determine how much they can take out and then that of course is what everybody wants to know.”

 

Young says the company is currently looking for strategic investors, because it will be almost prohibitively expensive to get the oil out the ground. To give you an idea of the difficulties ahead – the oil found at Spanish Lookout had an API of thirty-eight; forty. The oil found at South Canal Bank number three has an API of sixteen….the higher the number, the lighter the oil, the easier it flows and the better the quality.

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4 Responses for “Maranco Energy Belize Limited confirms possible reserve of fifty million barrels of oil in South Canal Bank”

  1. Oops says:

    “…porosity is the amount of oil that the whack can hold. ”

    Whack? I believe he said ROCK. “…porosity is the amount of oil that the ROCK can hold. ”

    That now refers to the amount of windows and doors that this room would have—in the cases of the whacks, the whack spaces haha!

  2. Pelican says:

    Not to worry! They will use this talk about rock formation to “boost” “swell” there cost on paper so as to bring down OUR share…. Govt should have a trusted person involved in the “rock testing”.

  3. ivannnnn says:

    So what???????// they can find watever they want,WE BELIZEANS NO BENEFIT AT ALL,only close cronies from dean barrow family,vegas,and corrupt miniester like,edmond castro and penner,we will not get noting after all.

  4. Sub Umbra Floreo says:

    Belize: Do you really believe that oil exploitation is the answer to prosperity? It is a small country! With so much potential! If oil consumption continues, there will be no more rain forest, barrier reefs, animals which is Belize largest income: tourism, secondly farming, natural farming and it so good that you chased away Monsanto. Corruption is everywhere in each government but we need to be brave not to go fight against the government rather to work by the hand and think for the countries’ future. It is a third world country which can use its natural resources and advance with technology without the need to damage the flora and fauna! Which is the Jade of the country! These days other countries are trying to rely on green energy rather than mining/petroleum usage. You can do better! Come on, petroleum will soon be extinguish, rather than extracting and wasting the economy in searching for areas for excavation, Belize should be investing in wind energy, sun energy! Which is endless! More options are available too. Oh by the way Belize take a look to Israel’s farming methods, so natural and almost costless, and they are willing to share their methods to other countries if they only care to ask for help or to be taught. Technology is also welcome! It’s a shame that oil searching will continue, regardless of the few who know this is a wrong decision for the country! Yes it can give so much work to the needed one and for the greedy ones as well. However, the future of this beautiful country is now and they (with all the respect) are playing with fire. Belize coat of arms is a legacy that it should kept, not to convert it to a world of ashes and pollution! Building and planting back the great forest that once existed before the English logging should return, Belize needs it and the world! We already have enough with other continents that are polluting it, by mining, petroleum burning and etc. I won’t say names, we should be different, the world is changing, a movement has started and it will become better despite those government people interested in their own pockets. This is no threat rather than a wakeup call. A simple statement from someone who believes in the Creole, Garingu, Menonites, Mestizos, Kekchis/Mopans, Mayas, East Indians and all the other ethnics that are already established in Belize.
    Human Values have been lost from ever since it started but the children (I hope) will soon recognize this mistake and become better than our fathers!
    It is a hard homework to rescue a country, peace be with all.

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