Belize government says there is no oil in them thar hills - yet.
The government of Belize has described the claim of a major oil strike by Treaty Energy Oil in southern Belize as bogus. Rumors were rife in Belize over the weekend of a “gusher” near Independence Village near Placencia in southern Belize. Then on Monday the company issued a formal press release claiming it had struck oil and that the oil field it had discovered could contain as much as six million barrels of oil. Several media houses in Belize reprinted or broadcast the press release as is, and even some U.S. news outlets such as the Sacramento Bee followed suit. But not so fast.
Belize Prime Minister Dean Barrow on Monday was holding a press conference announcing the date of general elections when he was asked about the press release by Treaty Energy Oil. Mr. Barrow stated that there is no oil find. He said that officials from the Belize Petroleum Unit were dispatched to investigate the claim and that “…even in the rain the rock samples displayed were not wet, there was no oil.”
A press release issued by the Belize Ministry of Natural Resources and the Environment yesterday says:
“An inspection conducted on the mudlog and rock cutting from the well confirmed only minute traces of tar which is commonly observed in rock formations in many wells previously drilled in Belize that were not commercial. It must be emphasized that no live oil in large amounts was observed in the rock cuttings which normally indicates some level of potential and would require further analysis and testing to determine whether it is commercially viable. The Government did not endorse the oil find declaration by Treaty Energy and therefore its release was unauthorized.”
You may want to check out our page on Belize Oil Exploration.
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