Another Company drills for Oil in Belize Print E-mail
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Thursday, 07 June 2012 00:00

Oil rig workers on the jobIn January of this year Perenco, an Anglo-French-owned petroleum exploration company, which is based in Guatemalan won the bid to explore for petroleum in a block that was formally held by BNE. The company received the exploration license because of its technical expertise and financial qualifications to do exploratory work in the block.

Perenco previously held an exploration license for an area called Block-A and with the additional exploratory block,  Perenco now holds an area of 4,018 square kilometers. The added area is some 769 square kilometers. 

According to Perenco's website, it has committed to "the acquisition of 200 km of 2D seismic in the first year of exploration and an additional 200 km of seismic or a well in the second year representing a total investment of $10 million." And by all appearances, Perenco is living up to its commitment as oil drilling has already begun.  

After conducting seismic testing in its block, Perenco has come up on at least one location where it sees the potential of oil to be found. In mid April of this year, the company began to mobilize its resources to an area west of Chan Pine Ridge Village on BSI sugar fields. According to the Environmental Compliance Plan, which was signed on January 23rd of this year, Perenco was granted permission to clear an area of 2 to 3 acres of land and to drill up to a depth of 7,500 feet. That work has commenced and an oil drill has been set up and currently the company is pressing on with drilling operations. Both equipment and manpower have been deployed to the area since April and the company is hopeful to strike oil.

Like the BNE Oil fields, the exploratory drilling is taking place just a stone's throw away from a major highway as the oil rig is located just a couple of miles from the Northern Highway on the Chan Pine Ridge Road outside of Orange Walk Town.