A fairly new revenue earner is the production and export of petroleum. Petroleum was discovered in 2005 in the Spanish Lookout area of the Cayo District. Contribution of Belize’s secondary industries towards GDP has been expanding primarily due to production of petroleum which started in Belize in 2006. In 2006 production was 30.0 million gallons which generated $88.6 million in export revenues. Belize’s daily output was about 3000 barrels in 2006 and exported 705,644 barrels of crude.1 Production increased to 40.1 million gallons in 2007 thus generating $142.6 million in export revenues.2 September 2009 figures indicate over Bz$81.91 million in revenue is generated from exports of crude petroleum from exports of over 40.06 gallons of crude oil. (SIB 2009) Good international crude oil prices together with significant increases in export volume in accounted for a 12.3% increase in Belize’s export earnings making the industry one of Belize’s major income generators.3
Petroleum Production & Sales Statistics
|Year||Production||Export Sales||Local Sales|
|Source: Ministry of Natural Resources & the Environment Geology & Petroleum Department|
Belize Natural Energy Limited is the petroleum company that had discovered and is currently producing and exporting oil in commercial quantities. BNE currently produces between 4600-5000 barrels per day and prices are approximately US$79 per barrel according to BNE’s marketing officer.
Prospects for the Industry
According to Mr. Andre Cho, Director, Geology and Petroleum Department, the Gallon Jug area has the potential for large oil fields. Another well is currently being drilled by RSM Production Corporation in Gallon Jug. To view sitemap of exploration contracts click here.
For further information on petroleum extraction and requirements for exploration contracts click here or contact:
The Geology & Petroleum Department
34-36 Unity Boulevard
Telephone: (501) 822-2178/2651
Fax: (501) 822-3538