Belize, Mexico discuss trans-border oil reserves

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Tuesday, April 12, 2016

Mexico and Belize have agreed a moratorium on the development of their trans-border hydrocarbons reserves and plan to hold talks on a bilateral agreement on exploration and drilling.

Mexico's hydrocarbons undersecretary at the energy ministry, Lourdes Melgar (pictured, right), and Belizean vice minister for economic development, oil, trade and investment, Yvonne Hyde, met Monday to sign the moratorium on exploration and drilling within 5km of the border.

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The meeting was a follow-up to a memorandum of understanding signed by both countries last August.

Both officials also agreed on a work calendar to establish negotiations toward a bilateral agreement on trans-border hydrocarbons reserves.

A 2013 IMF Belize country report said that "after a peak in oil production in 2009, oil reserves are estimated to last through the end of this decade, barring new discoveries."

Ten companies hold acreage in Belize, according to a map from the country's geology and petroleum department.