Third well hits oil at Spanish Lookout

When we last checked in with Belize’s petroleum industry, a third well was being drilled at Spanish Lookout, not far from the first two successful strikes. Today the Geology and Petroleum Department has confirmed that this well, named Michael Usher Number Three, has also tapped into the same oil bearing formation, at a slightly deeper level than the first two. Additional wells will be spudded which, along with 3-D seismic work, should provide an outline of the size of the field, which is believe to run between two thousand and four thousand acres.

Meanwhile, in less exciting petroleum news, the cost of imported fuel has resumed its upward path. As of midnight last night premium gasoline is up seventy cents to nine seventy-eight, regular rose thirty-four cents to nine twenty-nine, and diesel climbed by seven cents per gallon to six dollars and ninety-one cents.