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Apr 25, 2014

G.O.B. seeking CARICOM assistance in Maranco oil find

Dean Barrow

In March 2014, Maranco Energy Belize Limited announced a significant oil find at its South Canal Bank number three – a preliminary reserve estimate of fifty-million barrels. But it was a bittersweet discovery. The oil is there, but getting it out of the ground is a whole different matter, a prohibitively expensive proposition. The company is targeting investors to explore getting the oil out the ground, and G.O.B. is doing its part by seeking assistance from its CARICOM neighbour.

 

Prime Minister Dean Barrow

“I’ve asked the Prime Minister of Trinidad & Tobago if she would send a mission from PetroTrin. I think they do a lot of the heavy oil extraction and I thought that perhaps their experts would be able to advise us, give us a better handle on what exactly it would take to get at the oil which as I said is extra thick crude and lodged in rock formations that are not very porous or are impermeable. I spoke to her on the phone. I sent her an email. I have not yet had a response but hopefully that mission can materialize and that would help. That’s where we are.”

 

Reporter

“Is that expected to cost us?”

 

Dean Barrow

“No, no…as a sister CARICOM country I…but of course we’d be prepared to sustain the expenses, but I suspect that Prime Minister Persad would in fact finance the mounting of the mission to Belize.”

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2 Responses for “G.O.B. seeking CARICOM assistance in Maranco oil find”

  1. venus says:

    The decision to give oil contracts to so call companies with little or no experience is showing its ugly head. Oil has not come out the ground as yet and we have problems. Great expectance when dealing with oil spills.

  2. knowledgable says:

    hmm;
    this is a very interest turn of events, this extra heavy crude, as the prime minister puts it is going to be expensive to extract, the initial investment is going to be so expensive to put into place that the size of the field may not be worth it. for example for every production well it may be required to drill 3 steam injection wells and to pump steam into the ROCK FORMATION to soften the crude so that it can be extracted. secondly it may also be required to have water wells, boilers ect. and the can go on and on. it is not impossible but it is going to be very expensive. the daily production output may not be able to cover the cost of the production. the closest CRUDE PRICE INDEX for Extra Heavy Crude is the BRENT Index which currently stands at 109 and for light crude which is the WTI is 100

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