New Oil Exploration to start in October Print E-mail
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Thursday, 06 September 2012 00:00

Oil RigOn Tuesday, September 4th, a massive oil rig landed in Belize to be set up in Northwestern Belize to commence the exploration of oil in that part of the country. Principals for Blue Creek and New World Petroleum exploration companies made the announcement on Wednesday, September 5th.

Allistair King, explained to 7 News that the massive drilling rig will be transported to the location in approximately 65 containers where it will be assembled and made ready for drilling by early October of this year. He added that the area where the exploration will take place is new to this type of activity with seismic testing having just been done there. King said that oil has been found in neighboring areas where the company is proposing to drill its first well however, these have not been wells that can produce in commercial quantities. He added that the area is a draining point for oil from Guatemala and Mexico.

According to King, the two companies involved in this venture have invested some 6 million dollars in this venture.