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Apr 26, 2013

Oil company folds on operation and moves to another

The Prime Minister will be having a press conference on Monday at which time information may be forthcoming on whether or not the oil find by Maranco Energy Belize Limited is deemed to be in commercial quantities. But tonight there is information of another company that has been exploring in Northwest Belize near the Rio Bravo in the Orange Walk District.  According to a report published online today, the company says that after analysis and in consultation with its partners, Blue Creek Exploration and the government of Belize, New World has determined that “insufficient commercial quantities of moveable hydrocarbons were present to economically justify running casing and well testing operations.” The company, however, is expressing optimism for future prospecting saying that the elements required for a working hydrocarbon system are in place in north-west Belize and that it is only a matter of time before the company can locate a trap of  significant size.

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2 Responses for “Oil company folds on operation and moves to another”

  1. Storm says:

    A lot of that area where they are drilling is within the Rio Bravo Conservation and Management Area. Is that where they were drilling, on protected land?

    I have noticed in the maps of the oil concession blocks, that MUCH of the land granted in concessions is within various protected, environmentally sensitive reserves. Is any of that legal? Why are concessions given for land that is not supposed to be touched by development?

  2. aldo says:

    supply and demand plain and simple. we all complain about drilling in reserves and illegall stuff but never about how much power we use in our daily lives. we complain of gas prices but if all oil exploration is stopped the world stops too. reality is harsh but we tend to think it is not.

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