Oil found in the Orange Walk District
Thursday, April 4th, 2013
Maranco Energy Limited has discovered an oil deposit in the Orange Walk District. On March 30th crude oil was discovered in the Gallon Jug area and although it is unknown if the quantity of the deposit is commercial, hopes are still high. A press release issued by the Minister of Energy, Science, Technology and Public Utilities,Honorable Joy Grant, stated that “Maranco Energy Belize Limited, on March 30, 2013, discovered an encouraging show at the South Canal Bank #1 exploration well in their concession area in the Orange Walk District.” Testing has commenced in the area to determine the estimated size of the oil field. The tests that are being conducted can take up to two weeks to yield results.
The first oil well found in Belize was in 2002 in the Spanish Lookout area in the Cayo District. Since then projections for the production of crude oil at the Belize Natural Energy Limited (BEL) field are diminishing. The Spanish Lookout fields are expected to be depleted by 2020. If the discovery of oil in the Orange Walk District proves to yield commercial amounts it would mean good news for the Belizean Government.
If the Gallon Jug oil field proves to be commercial, Maranco Energy Limited will be the second company operating an oil field in Belize.