According to the Statistical Institute of Belize, earnings from oil
exports are down 60% - from $128 million last year to $52 million this year.
That’s why there is genuine excitement in government circles about the
prospect of an oil find in the Gallon Jug area of Belize, which is in the northwestern
corner of the country. Data suggests that there could be large reserves of oil
in that area but those high hopes had to be tempered recently after a first
exploratory well turned out to be a bust. Yesterday the Prime Minister told
the press that the developers expect that the second well will be luckier.
Hon. Dean Barrow, Prime Minister
“All the experts say that if there is oil in this country, it is there
and that if oil is there it is a lot of oil that is there. I’ve been told
that the second well that is to be dug, which is fairly close to the first well,
has in terms of the data an even higher potential than the first well which
causes me to say two things; well it better be higher since the first well showed
nothing and then if that is so why we never dig there first. But I am not an
expert.
Drilling of that second well is supposed to start very early next month
or by the middle of next month and as I said, I imagine now that you’ve
brought all this to light that all of us will be keeping fingers and toes crossed.”
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