Haitians have been suffering long before the devastating January 12th earthquake. Foreign capital investments have been extremely limited due to years of corrupt governments and lack of investment banking infrastructure. New offshore shallow water oil discoveries may have the potential to drastically change Haiti's financial future.
As Haiti was experiencing the worst natural disaster in its history, French scientist Dr. Daniel Mathurin was releasing his latest hydrocarbon exploration research on the Greater Antilles.
Dr. Mathurin writes, "The Central Plateau, including the region of Thomond, the plain of the cul de sac, and the bay of Port Au Prince are filled with oil. Haiti's oil reserves are larger than Venezuela's. An olympic pool compared to a glass of water that is the comparison to show the importance of Haitian oil compared to oil in Venezuela."
Further evidence that Haiti has potential to be a major oil producer is given in a recent US Geological survey revealing the Greater Antilles as having discovered at least 142 million barrels of oil and 159 billion cubic feet of gas. Undiscovered oil may be as high as 942 million barrels and 1.2 trillion cubic feet of gas.
Energy exploration and production firms will now be reviewing these recent findings to analyze how they may begin to capitalize on Haiti's hydrocarbon bonanza. Revenue derived from the Haitian government leasing offshore oil and gas development will greatly help the longer term recovery. For a country that is in desperate need, these discoveries are great news, and gives their fragile future greater hope.
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