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#461545 - 04/03/13 01:31 PM Oil Find In Northern Belize, But Is It Commercial?
Marty Online   happy

Tonight, there is guarded optimism after Maranco Energy found oil this weekend in the Gallon Jug area of the Orange Walk District. Don't start celebrating yet, because at this point it is only being called quote, "an encouraging oil show." Testing has started and within two weeks we should know if it is commercial. That testing might also give some estimate of the size of the oil field.

According to a brief official release, the find was made at the South Canal Bank #1 exploration well in Maranco's Concession area in the Orange Walk District. The person behind Maranco is Paul Marriot, a former Director with BNE.

Maranco is one of two companies looking for oil in the Gallon Jug area. The other is New World Energy.

If it is a commercial oil find - it would be a Godsend for the Government since production at the BNE Oil Field in Spanish Lookout is steadily going down. At its peak in 2011, GOVERNMENT'S revenue from oil was over 100 million, and it is now about half of that and diminishing steadily. 1.58 Million Barrels were exported in 2009 and 779 thousand is projected for export by the year 2015. The 11 million barrel Spanish Lookout oil field is expected to be depleted by the year 2020.

Channel 7


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#461554 - 04/03/13 02:03 PM Re: Oil Find In Northern Belize, But Is It Commercial? [Re: Marty]
Marty Online   happy
Black gold found in Orange Walk District

But there is some positive news to report tonight. That’s because there is official word that Maranco Energy Belize Limited, an onshore drilling company, has struck gold…black gold, that is. A release from the Ministry of Energy, this afternoon states that on March thirtieth the company “discovered an encouraging oil show at their South Canal Bank number one exploration well in their concession area in the Orange Walk district.” Now the release is brief and cautious, except to state that further and necessary testing is ongoing to determine if the oil found is in commercial quantities, and a commitment that within two weeks, or maybe sooner, additional information will be forthcoming. Today News Five contacted Maranco Energy Belize Limited at their Spanish Lookout office, but we were told that it is against company policy to give out any information. Maranco is not as well-known as its parent company, the Marriott Drilling Group, but since May 2011 has been operating on three hundred and seventy eight thousand, five hundred and sixty five point four seven acres in the Orange Walk District.

Channel 5

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#461748 - 04/05/13 01:47 PM Re: Oil Find In Northern Belize, But Is It Commercial? [Re: Marty]
Marty Online   happy

Oil Minister Speaks About Oil Find

Is there another commercial grade oil field in northern Belize? That's been all the buzz this week - but while everyone's asking the question, really no one's sure right now.

Today the Minister with responsibility for Petroleum Joy Grant commented on the oil show. Speaking with the media at a private sector forum in Dangriga she said there is measured optimism:

Hon. Joy Grant - Minister of Energy, Science and Technology, and Public Utilities
"Well first, we're very excited about what we found over the weekend, which was an encouraging oil show. We continue to do the tests. They're several different phases in exploratory work. They start with the sizing, and then they go to exploratory wells and then to production. So, we are at the point now where we're continuing at the end of phase 1, and hopefully within the next 4 days or so, we will know whether we'll go into the second phase which will then determine unequivocally that this is a commercial find. As you can imagine the ministry, we want to be very sure that when we say anything to the Belizean public that it's based on the facts on the ground. So our staff, they've been there 24 hours since we got the show, and we will report very quickly to the Belizean public as we get more information. But we continue to be encouraged."

As we mentioned earlier in the week, tax revenue from the Spanish Lookout oil field has been steadily dwindling as that field is expected to be depleted within the next six years. Under the terms of the BNE Production Sharing Agreement, Government's has gotten roughly one quarter of the gross export value. 60% of that comes from income tax, 16% from government's working interest and 24% from royalties.

But that agreement was worked out before anyone knew Belize had oil. The agreement Marenco worked out with government is more favorable to government - since it was negotiated in 2011. While she couldn't recite the terms offhand, Minister Grant said - if there is oil, greater benefits will accrue to Belize...

Hon. Joy Grant
"These are under new terms than we had with the previous company, so it's going to be much more beneficial to the Belizean public. You know, we have things like taxes and royalties, and when you add all that up, it will - it is really a substantial part of what the company earns that will come to Belizean public."

We'll have more from the Southern Private Sector Forum later on in the news.

Channel 7


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#461755 - 04/05/13 02:14 PM Re: Oil Find In Northern Belize, But Is It Commercial? [Re: Marty]
Marty Online   happy

Government ecstatic about promising oil find in Orange Walk

The government is being cautious, but optimistic about what could likely be a promising oil find. The Geology and Petroleum Department, along with officials from Maranco Energy Belize Limited, are currently working around the clock assessing an oil find in the Orange Walk District to determine whether the recent discovery is of commercial quantity.  On Saturday, oil prospecting in the northwest block, an area covering approximately nine hundred, fifty-two square miles, led to the location of petroleum in an area under concession granted to Maranco.  In March 2011, the company won a production sharing agreement for exploration and production for a period of two years, along with three additional renewal periods.  The award came amidst strong opposition from the environmental community against new oil concessions in the north.  The find is said to be outside of the Rio Bravo Conservation and Management area and today News Five spoke with Minister of Energy and Sciences Joy Grant, who said that the department is ecstatic about the development.

Joy Grant, Minister of Energy & Science

Joy Grant

“We are very excited about what we found over the weekend which was an encouraging oil show.  We continue to do the tests.  There are several different phases in exploratory work, you know, you start with the seismic and then you go to exploratory wells and then to production.  So we’re at the point now where we’re continuing at the end of phase one and hopefully within the next four days or so we will know whether we will go into the second phase which will then determine unequivocally that this is a commercial find.  As you can imagine, the ministry, we want to be very sure that when we say anything to the Belizean public that it’s based on the facts on the ground.  So our staff they’ve been there twenty-four hours since we got the show and we will report very quickly to the Belizean public as we get more information but we continue to be encouraged.”

Channel 5


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#461851 - 04/06/13 03:04 PM Re: Oil Find In Northern Belize, But Is It Commercial? [Re: Marty]
Marty Online   happy

MARANCO FINDS “BLACK GOLD” IN LAGUNA SECA AREA: TESTS COMMENCE TO SEE IF THE OIL IS COMMERCIAL

The Ministry of Energy, Science and Technology, and Public Utilities confirmed on Tuesday that oil has been found in Orange Walk by Maranco Energy Belize Limited, headed by Paul Marriott, a former director of Belize Natural Energy.

CEO in the Ministry Dr. Colin Young told Amandala that the find was made in the Laguna Seca area, a privately owned property; however, further tests have to be done to determine whether the find is commercial.

An official release from the ministry said that on March 30, 2013, Maranco discovered an encouraging oil show at the South Canal Bank #1 exploration well, in their concession area in the Orange Walk District.

Two years ago, in April 2011, our newspaper had reported on a decision by the Barrow Administration to grant an oil contract to Maranco in northwestern Orange Walk, in an area that includes Gallon Jug. The contract, we understand, calls for 10% royalty, plus production sharing revenues of 15% to 40% based on production ranging from 0 – 5,000 barrels of oil a day to over 30,000 barrels a day.

The company reports in a recent news item dated April 2013 that it was awarded a production sharing agreement on May 3, 2011, for 378,565.47 acres or 1,532 square kilometers in northwestern Orange Walk, with an initial exploration period of two years and three renewal periods of two years each for a maximum of 8 years. According to Maranco, drilling at South Canal Bank-1, its second exploration well, began the first week of March 2013.

The Belize Government says that further tests are necessary to determine the commercial potential of the oil show, and the staff from the Geology and Petroleum Department is onsite, closely monitoring the situation.

CEO Young said that three appraisal wells can now be drilled to determine the proven petroleum reserves of the area. If the company wants to pursue commercial production, though, it will first have to prepare and submit an Environmental Impact Assessment (EIA), he added.

There are two other companies doing exploratory work on their oil concession areas: New World has drilled two wells in the Rio Bravo area, said Young. While the first was dry, he said, the company is still pushing to the ideal depth at the second well site with the hope that it will find oil.

US Capital Energy, which hopes to drill exploratory wells this year, is experiencing some delays in southern Belize, Young added.

The Ministry of Energy, Science and Technology, and Public Utilities has undertaken to provide an update to us within a fortnight, or as soon as new and additional information is forthcoming.

Amandala


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#462593 - 04/18/13 09:38 AM Re: Oil Find In Northern Belize, But Is It Commercial? [Re: Marty]
picop2es Offline
Any further news on the potential oil find ?

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#462598 - 04/18/13 10:48 AM Re: Oil Find In Northern Belize, But Is It Commercial? [Re: Marty]
Marty Online   happy

No Word Yet On Oil Find

15 days ago, we reported on what was called “an encouraging oil show in the Orange Walk District. Government said they’d know in two weeks if it was in commercial quantities, but 15 says have passed and, “nada.” Today KREM news spoke to Petroleum Minister Joy Grant told us that the company had to bring in equipment that they didn’t have to continue seismic testing. The last piece of equipment came in yesterday and so they should know in the next four days – so she says to look out for something early next week.

Channel 7


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#463216 - 04/27/13 11:01 AM Re: Oil Find In Northern Belize, But Is It Commercial? [Re: Marty]
Marty Online   happy

Still No Confirmation On “Encouraging Oil Show”

24 days ago, Government announced that there had been “an encouraging oil show” in the Orange Walk District. The timeline was that in two weeks we would know if the oil was in commercial quantities. Well, almost four weeks have passed and there is still no word.

Joy Grant, Minister with responsibility for petroleum today told us that there have been a number of equipment delays – and so there is still no official finding on the commercial viability of the Maranco oil find. She says that there was a mishap with one of the pieces of equipment which was brought in to determine if there is oil in commercial quantities.

She says there will not be any definitive answer until next week.

Channel 7


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