Posted: Wednesday, March 26, 2014. 9:46 pm CST.
AARON HUMES Reporting: Prime Minister Dean Barrow has reported that oil prospectors Maranco had struck a huge reservoir of petroleum in their concession area in southern Orange Walk near Gallon Jug.
But there is still much work to do before the find can be deemed commercial – that is, if it can even be extracted from the ground.
Dr. Colin Young, CEO of the Ministry of Energy, Science, Technology and Public Utilities (MESTPU) says that the oil is more difficult to withdraw because of the surrounding rock formations and lower original quality, substantially different from that found at Spanish Lookout by Belize Natural Energy more than seven years ago.
Dr. Young explains that the company is now in the process of hiring its experts to determine whether it is feasible to pursue the oil, which is as much as 50 million barrels, a larger find than the Spanish Lookout strike.
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