Belize oil exploration campaign on deck

Wednesday, May 28, 2014

Belize authorities have received an EIS for oil exploration in the center of the country, BNamericas has learned.

BCH International plans to shoot 69km of 2D seismic in the La Democracia area which covers Cayo and Belize districts, according to the document filed with the country's environment department.

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The project includes activities in seven protected areas, adds the EIS.

BCH is one of 10 companies that hold acreage in Belize, according to a map from the country's geology and petroleum department.

Production comes from Belize Natural Energy fields: Spanish Lookout (2,100b/d) and Never Delay (16b/d).

"At its peak the Spanish Lookout oilfield was producing an average of 5,000b/d and now is in decline...The Never Delay oilfield was previously producing as much as 500b/d but this has decreased dramatically due to permeability," highlights GPD.

Earlier this year, Prime Minister Dean Barrow expressed cautious optimism over the planned exploration. A previous IMF report said reserves are estimated to last through the end of this decade, barring new discoveries.