Belize Natural Energy, the only oil producer in Belize after hitting a crowning in 2011 of 146 million in profits is seeing a steady decline in production, the Amandala Newspaper reported today. And since the company started producing commercial crude oil in 2006, 1.5 billion dollars’ worth of the black gold has been sold to local and foreign markets around the world. The publication reports that an estimated volume of 9 million barrels resulted in the Government of Belize netting $424 million in receipts and landowners netting $5.3 million in royalties. But after hitting its peak in 2006, crude oil sales have been on a rapid decline.
The Government of Belize now hopes that a commercial oil find in the south of the country could result in a rebound in petroleum earnings. And while BNE continues production at its two oil fields namely in Spanish lookout and Never Delay, the hope for commercial find rests with Maranco and US capital, says Andre Cho, Director of Petroleum and Geology.
As of date, a total of 9 petroleum concessions are in existence; BelGeo Limited, Blue Creek Exploration Ltd., BCH International Ltd., Maranco Belize Ltd., Perenco Belize Ltd., Princess Petroleum Ltd., Providence Energy Ltd., US Capital Energy Belize Ltd. and Belize Natural Energy.
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