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Oil prospects in Belize

Posted By: Marty

Oil prospects in Belize - 08/06/05 02:41 AM

Oil Prospects Good!

03 August, 2005 - Belmopan
Today, at a special sitting of the House of Representatives, Prime
Minister Said Musa updated his colleagues and the Belizean public on the
results of preliminary drilling for oil by Belize Natural Energy Limited
and its partners in the Spanish Lookout Area of the Cayo District.

The Prime Minister confirmed that one of the zones tested resulted in
naturally flowing oil at a constant rate and pressure, producing 500
barrels per day.

On June 3rd, 2005, after prolonged studies and repeated tests including
seismic exploration, local exploration company Belize Natural Energy
Limited, with its partners Aspect Energy LLC and CHx LLC, commenced
exploration drilling in the Spanish Lookout area of the Cayo District.

After approximately 30 days of drilling, the well has been secured, and
testing has commenced. Fluid recovery from two prospective zones has
taken place, with the second revealing 95% oil recovery. This oil is of
an API gravity of approximately 38 degrees and is testing at an initial
rate of 500 barrels per day.

Additional testing over the next few months will be required to
determine the commercial viability of this site to ascertain if the oil
recovered is originating from a large or small reservoir. Belize
Natural Energy Limited and its partners also expect to drill an offshore
confirmation test and hope to be able to declare commercial production
after testing is concluded.

Belize Natural Energy Ltd originally acquired a 463,000 acre exploration
license onshore Belize, this acreage has been added to and a total of
478,000 acres is now available for exploration under a Production
Sharing Agreement (PSA) with the Government of Belize signed in Jan
2002. In July 2004 an additional acreage from Block 5A (adjoining to
original) was granted bringing the acreage to 595,000 acres.

'All indications from the start of drilling to today continue to be
positive,' confirmed an official of the company.
Posted By: Diane Campbell

Re: Oil prospects in Belize - 08/11/05 01:37 PM

Hm.............. three things happen more or less within a few days time - could they be related?

Announcement that oil is discovered in Belize.

British Troops decide to come back to Belize on a more or less "permanent" basis. This time trhe news said the number would be about 4,000. (when they were here before the number was 1,500).

US Four Star General visits Belize - three Black Hawks landed in Caracol plaza yesterday. Where is Speilburg when you need his camera!

Maybe we can ask these soldiers can shut down a few crack houses while they are here?
Posted By: Barbara K

Re: Oil prospects in Belize - 08/11/05 08:08 PM

Oh great. Haliburton will be building before you know it! :rolleyes:
Posted By: ScubaSnack

Re: Oil prospects in Belize - 08/12/05 02:35 AM

Arrival of British soldiers and American general were in the works long before the oil "Bonanza".

Got anything hot on Crop Circles for us?
Posted By: oldgator

Re: Oil prospects in Belize - 08/12/05 03:18 PM

"Oh great. Haliburton will be building before you know it!"

Worse than that, Dick Cheney might decide to Vacation in Belize.
Posted By: GAY AND DAVID

Re: Oil prospects in Belize - 08/12/05 04:43 PM

well, there goes the neighborhood frown
Posted By: Diane Campbell

Re: Oil prospects in Belize - 08/15/05 03:49 PM

Two things for clarification -
Re- timing - This particular oil project has been in the works for a couple of years (in-country).
Re- Cheney - I'm told that Cheney relatives already had a vacation here that turned out horribly.
Posted By: Katie Valk

Re: Oil prospects in Belize - 08/20/05 09:39 PM

Scuttlebutt is US Southern Command, previously based in Panama and now in Homestead, Florida, will have a huge office at the new US Embassy complex in Belmopan, slated for completion Nov 2006. Former commanders of US Southern command have been presidential candidate Wesley Clark, and drug czar Barry Cafferty.
Posted By: Sir Isaac Newton

Re: Oil prospects in Belize - 01/11/06 03:31 PM

Interesting!

For the past nine days, tanker trucks have been transporting thousands of barrels of Belizean oil from wells in Spanish Lookout to the Big Creek port to fill a forty-five thousand barrel barge waiting in the harbour.
Posted By: Kristykins

Re: Oil prospects in Belize - 01/11/06 03:39 PM

Diane- Any idea why Cheney's family vacation turned out horrbily?
Posted By: clover

Re: Oil prospects in Belize - 01/11/06 03:57 PM

Because he's an a#%*ole!
Posted By: Corona Steve

Re: Oil prospects in Belize - 01/11/06 04:28 PM

Clover, tell me why you consider the VP a aSHol
This sounds like a liberal talking, using the talking points that they want you to learn and push.
Maybe you can educate me in some specifics.
Posted By: WhiteWater

Re: Oil prospects in Belize - 01/11/06 04:35 PM

http://www.newamericancentury.org/
Posted By: clover

Re: Oil prospects in Belize - 01/11/06 04:36 PM

It isn't liberal talking.....I don't like the guy...and I don't care what party he is associated with. I'm a Republican....and I think he's an a#$%ole!
Posted By: Corona Steve

Re: Oil prospects in Belize - 01/11/06 04:51 PM

Sorry about that, as we all have our own opinion of our leaders, some good, some bad. Even cross party lines. You are entitled to your opinion, and views, as long as you do your homework.
I, myself, think he is doing a (Personal) job.
Posted By: clover

Re: Oil prospects in Belize - 01/11/06 04:54 PM

I can't stand him......I had to have a windshield wiper installed on my TV, so when he is on and talking it keeps the screen clean!
Posted By: Sir Isaac Newton

Re: Oil prospects in Belize - 01/11/06 07:30 PM

too funny
Posted By: Corona Steve

Re: Oil prospects in Belize - 01/11/06 09:43 PM

clover, is it his looks
Money, Power, Philosophy, wife, kids,
You might be able to state some reason why, other than hate him.
Posted By: john robertsdenver

Re: Oil prospects in Belize - 01/11/06 11:13 PM

C'mon Steve, You don't really have to act that stupid. Cheney is still taking money from Haliburton, and Haliburton is about as dirty as they come. The war was orchestrated by Bush/Cheney/Rumsfeld and we have such an ugly situation in Iraq, that we may never be able to untangle ourselves. Too many men and women dead, for lies and deceit. I am a viet nam vet and i won't respond again to this message bd. Suffice to say we have a liar in the white house. John in denver
Posted By: mobunny

Re: Oil prospects in Belize - 01/11/06 11:33 PM

Well said. mobunny
Posted By: Anonymous

Re: Oil prospects in Belize - 01/12/06 12:40 AM

The Robot Bartender
A popular bar had a new robotic bartender installed. A fellow came in for a drink and the robot asked him, "What's your IQ?"
The man replied, "150." So the robot proceeded to make conversation about Quantum physics, string theory, atomic chemistry, and so on.
The man listened intently and thought, "This is really cool."
The man decided to test the robot. He walked out of the bar, turned around, and came back in for another drink. Again, the robot asked him, "What's your IQ?"
The man responded, "100." So the robot started talking about football, baseball, beer, and so on.
Amazed, the man went out and came back in a third time. As before, the robot asked him, "What's your IQ?" The man replied, "50."
The robot then said, "So, you gonna vote for Bush again?"
Posted By: klcman

Re: Oil prospects in Belize - 01/12/06 01:34 AM

Belmopan,Belize 11 January (Belizean.com) Belize will make its first export of crude oil to the USA later this week following the discovery of oil in commercial quantities late last year.

For the past nine days, tanker trucks have been transporting thousands of barrels of Belizean oil from wells in the Spanish Lookout area of Western Belize to the Big Creek port to fill a forty-five thousand barrel barge waiting in the harbour. From there it will be shipped to Texas for refining.

Belize Natural Energy officials told the media today that the first well, Michael Usher Number One, is producing approximately eight hundred barrels a day while Usher Two is flowing at a rate of one thousand barrels a day. Production testing is being done on these wells, and the oil extracted is what is being exported to the USA. Two more wells are now being drilled. And five other companies have applied for licenses to drill for oil in other parts of Belize.

According to Andre Cho, an official in he Belize Petroleum Office, the Belize Sweet Crude Light oil is similar in quality to the west Texas intermediate crude oil, which at this time is selling for about sixty-two U.S. dollars per.

Belize has no oil refinery, but the crude oil is of such a high quality that at least one gasoline station is selling Belize Sweet Light Crude at US$1.80 a gallon. Some motorists are blending the oil and diesel half and half to run their diesel powered vehicles. Some larger engines, like those in large trucks and heavy equipment, are using the oil without any mixing
Posted By: Corona Steve

Re: Oil prospects in Belize - 01/12/06 03:52 PM

John of denver, maybe you should do some homework, as Brown & Root, which is part of Haliburton, was also a political issue for the president back during the Vietnam war, and Johnson became very rich during that time.
He was responsible for over 50,000 dead, and more who were damaged during war. That was for oil.
This is a classic argument, and good talking points from the extreme left, people are starting to believe it. Congratulations, extreme Left.
As to the Bush group, if Cheney is guilty of taking money from Haliburton, or anyone else, for that matter, they should be thrown in jail, and key destroyed.
Time to bring out all the facts, and lets have a trial. When finished, the extreme left will have to crawl back in their holes of deceit.
Posted By: Catatonic Motivator

Re: Oil prospects in Belize - 01/12/06 03:59 PM

So who's buying this Belizian oil?
Posted By: Marty

Re: Oil prospects in Belize - 01/12/06 04:57 PM

First Belizean oil to be exported to Texas
Ever since the first significant petroleum find was made on July thirtieth of last year, Belize has been experiencing something of an oil frenzy. Never mind that the speculation has always run far ahead of the facts, beginning with the Belize Times shouting Eureka! almost before the drilling even started. But the gap between our dreams and reality is steadily shrinking. Today I headed west--to Belmopan and Spanish Lookout--to separate fact from fiction.

Janelle Chanona, Reporting
For the past nine days, tanker trucks have been transporting thousands of barrels of Belizean oil from wells in Spanish Lookout to the Big Creek port to fill a forty-five thousand barrel barge waiting in the harbour.

Jean Cornec, Geologist, Belize Natural Energy
”I think it’s pretty amazing that less than six months after discovery we are in a position to start exporting crude oil.”

Janelle Chanona
“How is the process going?”

Jean Cornec
”I think it’s going very well. There are a lot of details that are being taken care of little by little, but I think everything is going okay.”

Andre Cho, Inspector of Petroleum, Geology Dept.
”We have five companies that are trucking the oil in anywhere from seventy-five hundred to nine thousand gallon capacity trucks. They are trucking the oil daily, constantly.”

“The trucks will transport the oil from Spanish Lookout to Big Creek, load the barge and the barge would go out, take the oil to Texas and then come back and we’ll be doing that constantly during production testing. At the end of which, we’ll be able to determine if the discovery has commercial potential.”

According to Inspector of Petroleum Andre Cho, the price per barrel for the Belizean oil will be determined after B.N.E.’s first shipment later this month. And that rate will have to reflect the costs of sending the petroleum by land to the southern facility and over sea to the Gulf Coast. With government locked into a seven and a half percent royalty fee, everyone in Belmopan is keeping their fingers crossed for a good deal in the U.S.

Andre Cho
”This oil is similar in quality to the west Texas intermediate crude oil, which at this time is about sixty-two U.S. per barrel, so you could more or less look at that as a starting point. But like I said, you have to factor in transportation costs and other costs, so it might be less at the end of the day.”

“We hope that it’s a reasonable price that will benefit both B.N.E. and the government because you know the government collects royalty and production sharing, so the more we collect per barrel, the more the government will collect. And therefore, the more benefits to the government and the country.”

Janelle Chanona
”While B.N.E. executives continue to negotiate for a final price arrangement in the international market, locals here in Spanish Lookout and as far away as the Stann Creek District are already finding uses for the crude oil.”

At the Farmer’s Choice gas station, they buy the oil from B.N.E. for three dollars and twenty cents a gallon delivered. Customers are then sold the crude at a price of three dollars and sixty cents a gallon. We understand some motorists are blending the oil and diesel half and half, but some larger engines, like those in large trucks and heavy equipment, are using the oil without any mixing.

Belize Natural Energy officials tell News Five today that the first well, Michael Usher Number One, is producing approximately eight hundred barrels a day while Usher Two is flowing at a rate of one thousand barrels a day. The hot rumour around Spanish Lookout was that employees working Usher Number Three, located less than a mile from Usher One, had struck oil sometime last night...but that good news was toned down this morning.

Jean Cornec
”We didn’t hit anything last night. We are still drilling and we will have the result in the next couple of days.”

Today, the gas dissolved in the crude oil at Usher One was being burnt, something B.N.E. executives say they will have to do until a use for the gas can be found. Contrary to local reports, Cho maintains that there are no immediate plans in the pipeline for establishing a refinery or production plant.

Andre Cho
”What they have been thinking about is putting in small units that they call topping units that are able to produce diesel right away, right in the field. So that’s a short term solution to begin producing fuel that can be marketed locally and probably exported as well.”

With the oil find the west, the staff of the Geology Department is swamped with work and Cho reveals that with the prospect of black gold in commercial quantities, there are already five new applications, including one from B.N.E., to both explore for oil and construct infrastructure like tank farms and pipelines.

Andre Cho
”It looks very good, it looks like it has a lot of potential to be commercial, so we are working towards that to do our best to make that happen. And like I said, there are five other companies that have exploration licences, they have done a lot of work, shot a lot of seismic, and they will drill in the near future and I also expect other good results from them as well.”

Tonight we understand that half of the forty-five thousand barrel barge has already been filled. As regards taxes on this shipment, contrary to some media reports, government will collect only its seven point five percent royalty plus business tax, currently pegged at one point seven-five percent. The nine percent sales tax, which is paid on local consumption of crude, is not charged on exports.
Posted By: Otteralum

Re: Oil prospects in Belize - 01/13/06 05:55 PM

Hopes are high. Good for Belize, good for U.S.
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