Has Belize Natural Energy found new oil field?

Has there been a new source of black gold, sweet crude oil being found in Belize? An online report from the Belfast Telegraph, a news outlet in Ireland announced that Susan Morrice of Belize Natural Energy (BNE) has found a new source of the most sought after natural resource in the country. The Belfast article said that investors “shared a pot of ten million pounds and received payouts of up to seven hundred and fifty thousand pounds. And to cement Miss Morrice's belief that there was a rich source of oil in Belize, BNE declared its second oil field last month.”. News Five made several calls to BNE to confirm the oil find but our calls went unanswered. If this is so, it could only spell good news for the stuttering economy. However, the well may be the one that Prime Minister Dean Barrow referred to at his quarterly press conference last October. Two wells were expected to be dug within the seven hundred and fifty thousand acres of the Gallon Jug area behind Blue Creek in Orange Walk. At the time the P.M. was hopeful that the second one would bring in much needed oil revenues.

Prime Minister Dean Barrow (October 30, 2009)

“I’ve been told that the second well that is to be dug, which is fairly close to the first well, has in terms of the data, an even higher potential than the first well which causes me to say two things. Well, it better be higher because since the first well showed nothing. And then if that is so, why unnu neva dig deh first? But I am not an expert and they have their own reasons. When the first well was dug and the data was retrieved, the data was analyzed abroad and there was a suggestion that perhaps something had been missed and that some pockets of pressure might well have contained oil and gas. They went back and I believe what they found was salt water, which was a hell of a downer. So now it appears that that chapter is closed where it concerns the first well. What has held up by little, the digging of the second well, is the fact that the rains had messed up the terrains and they needed the ground to dry out before they could do their thing. Drilling of that second well is supposed to start very early next month or by the middle of next month and as I’ve said now that you’ve brought all this to light, all of us will be keeping our fingers and toes crossed that the data doesn’t fool us and that in fact, the kinds of large reserves that that data suggests might be there, do materialize.”

Currently, BNE is the country’s only successful petroleum producer and is pumping five thousand barrels of oil per day from ten wells at Spanish Lookout. The latest statistical report says that there has been a twenty-five percent increase in oil production.

Live and let live