Seven new companies to start drilling for oil…

Meanwhile, this afternoon Minister of Natural Resources Florencio Marin officially granted seven companies permission to prospect for oil in Belize. According to a press release issued today, the contracts signed between Belmopan and Princess Petroleum, Miles Tropical Energy, Belgeo Limited, Providence Energy, Sol Oil, Blue Creek Exploration, and PetroBelize means that nearly the entire country is now subject to drilling. The release credits the success of Belize Natural Energy’s wells in Spanish Lookout for the renewed interest in the local oil industry. The agreements are initially for two years, but the Ministry says if “the companies adhere to work programmes and expenditure commitments”, the exploration period can be extended up to eight years. And in case any of the latest prospectors find oil in commercial quantities, Government says the product sharing agreements “are based on a revised model amended with the technical assistance of the Commonwealth Secretariat to reduce ambiguities, make it more robust and acceptable to international standards”… and “guarantees improved benefits for the Belizean people”. Members of the public interested in viewing the contracts can do so at the Geology and Petroleum Department located on Unity Boulevard in Belmopan.