Belize crude output continues dip

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Tuesday, July 23, 2013

Belize saw first half crude production drop 23.2% to 419,189b from 1H12, BNamericas has learned.

Output in the first six months 2011 totaled 725,546b and 776,920b in January-June 2010, according to information in a presentation by Andre Cho, director of the country's Geology and Petroleum Department.

"Output of oil and electricity (including water supply) declined in 2012 and will likely face similar constraints and uncertainty in 2013," BNamericas quoted Belize's Central Bank previously.

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Challenges pointed to by the official include geological (age of structures and time of migration), administrative (human resource and capacity building, legal and fiscal frameworks), and social and environmental (opposition to offshore E&P in protected areas as a reaction to the BP (NYSE: BP) oil spill in the Gulf of Mexico).

Nevertheless, Cho said seismic and wells are planned within the next year by Perenco (293km 2D seismic, one exploration well), Pacific Rubiales (TSX: PRE) (500km 2D seismic), US Capital Energy/Hupecol (two exploration wells), Maranco (three appraisal wells) and Providence Energy (155km 2D seismic).