Caribbean News Now reports that an energy company has struck oil in Belize:
AllEnergy Corporation has struck oil on its first well on the Princess Concession in Belize. The first well is expected to be completed and put into production following review by the Belize regulatory officials. It is estimated to contain up to 6 million barrels of recoverable oil.
The reservoir was determined in size by Satellite Image and Chem-Tool. Pay zone depth was determined from actual drilling and mud logging. Porosity and saturation were gauged visually by outside consultants using statistical modeling with low side parameters, predicting a reservoir of 6 million barrels. This figure could grow depending on the trending of the reservoir.
Dean Sukowatey, president and CEO of AllEnergy, stated, “We are extremely pleased with our interests in this concession. AllEnergy purchased a non-dilutive four percent interest in a Belize corporation that owns half of the concession. The amount of potential here is tremendous. We look forward to developing the Belize concession.”
Additional information is available in this report from Yahoo Finance:
Treaty Energy Corporation, a growth-oriented international energy company, today reported drilling success on its first oil well, SAN JUAN #2, in Belize, Central America.
The SAN JUAN #2 well is near Independence Village, Belize, located adjacent to the Port of Big Creek in the Stann Creek District.
Final phase of drilling this well commenced on January 24, 2012, after review and compliance with all government regulations, requirements and inspections by Belizean officials and permission granted.
[Andrew V. Reid, Chairman and Co-CEO of Treaty Energy Corporation,] commented, “Treaty’s initial analysis of the 200,000 acre ‘onshore’ Princess Concession includes 80 anomalies showing promise. Through early analysis we believe we have so far identified 3 possible oil bearing fields of various sizes. Treaty chose the current, Stann Creek Field, for our initial exploration wells because of its easy access by our drilling team, proximity to nearby port facilities, and it being well outside of any protected areas. Our internal analysis indicates that the Stann Creek Field covers an area of around 350 acres, and with 4-acre spacing we would expect to drill up to 90 wells in this oil field. Based on our initial findings, we estimate there are about 5,000,000-6,000,000 Barrels of recoverable oil in place in this first finding.”
Read more in the full news release.
There has been some vocal opposition to oil exploration and drilling in Belize, particularly offshore and in protected areas. See these previous Green Antilles articles for more: Opposition to oil exploration in Belize, Indigenous leaders object to oil exploration in protected areas of Belize, and In Belize, an ambitious People’s Referendum on offshore oil drilling.