Union salary increase dependent on Maranco Oil

Colin Young

Since the announcement of an encouraging oil show in the northwest block, an area in the Orange Walk District spanning nine hundred and fifty-two square miles, the Ministry of Energy & Science has remained relatively quiet about the results of an assessment to determine whether the find is in commercial quantity.  On March thirtieth, prospecting within the contract area awarded to Maranco Energy Belize Limited yielded what was described as a promising detection.  In the wake of the discovery, an evaluation was launched by the Geology and Petroleum Department during which personnel from both entities worked around the clock to verify the volume of deposit.  The potential of the oil find in commercial quantity was used as a carrot by Prime Minister Barrow, in recent discussions with the Joint Unions Negotiating Team. Its outcome would determine whether or not a salary adjustment for teachers and public officers would materialize.  But, there’s been some delay and, according to C.E.O. in the Ministry of Energy & Science Doctor Colin Young, it is the result of technical hiccups on the part of Maranco.

Dr. Colin Young, C.E.O., Ministry of Energy & Science

“We had issued a press release over two weeks ago saying that we had found an encouraging oil show and that we would have updated the Belizean public as soon as any new or additional information was received.  Unfortunately, the company has experienced some delays in some technical issues and in procuring some equipment necessary to do the production test and so they are starting this week.  As a result we are still unable to say whether or not the oil show would be commercial or not.  So unfortunately it’s not sort of what everybody as expecting but we promise that as soon as we get that information we would let the Belizean public know.”

Marleni Cuellar

“Are there any indicators at this point, are they highly optimistic?”

Dr. Colin Young

“I think the company and the Geology and Petroleum Department, and by extension the Government of Belize is still cautiously optimistic that this would turn into something that is commercial.  Obviously there are many reasons why we would want this to be the case but again in the oil industry you can’t count your chickens before they hatch, so to speak.  And remember that you’re dealing with something that is, in this case, over four thousand feet below the ground and so you can’t tell what’s going to happen.  What they did find is, is some oil and now they need to do all the necessary tests to demonstrate whether or not it’s going to be commercial.”

Doctor Young appeared this morning on Open Your Eyes.