Yesterday media houses across the country announced the reportedly discovery of black goal in Southern Belize. The news that Treaty Energy Corporation struck oil in the San Juan #2 well located near Independence Village spread like wild fire. So did the company find oil in commercial quantities as they reported yesterday?
According to the Ministry of Natural Resources the information being circulated to the media by Treaty Energy Corporation relating to oil discovery in the San Juan #2 Well in Southern Belize is False and Misleading.
The press release states and we quote, “The ministry categorically refutes the irresponsible actions of treaty energy corporation in its misinformation on drilling success and therefore responsibly advise that an inspection conducted on the mudlog and rock cuttings from the well, by the geology and petroleum department, confirmed only minute traces of tar which is commonly observed in rock formations in many wells previously drilled in Belize that were not commercial.” End quote.
The press release then strongly states and we quote, “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”. End quote
The press release ends by affirming that the government did not endorse the declaration by Treaty Energy Corporation and thus its press release is seen as unauthorized.
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