Rosewood goes up in flames in the south
BNE has started a new drilling programme in Belize. This week, BNE's chairperson, Susan Morrice, told RTE news in Ireland, "This new exploration programme involves the drilling of a horizontal well in the Spanish Lookout field onshore Belize." For many decades the only way to extract oil was to drill a well straight down into the ground. However, new technology is allowing for the drilling of tightly curved well holes, and even wells that can take a 90 degree turn underground. Horizontal drilling can extract oil from one well, rather than multiple wells along the reservoir. It also enables oil to be extracted outside of the negotiated area, or footprint, assigned for drilling. BNE is owned by a group of Irish and international investors. The company discovered oil at an onshore exploration well in Belize six years ago and has generated gross revenues of over US$300m since then.