Minister says conditions of Maranco oil agreement favorable to Belize
While the PSA was granted by the government in March 2011, details of its terms are not known. As required by the contract, Maranco has tendered a proposal to government to hand over twenty-five percent of its current acreage. According to Minister Grant, the conditions of the agreement are favorable to Belize.
“In terms of whether or not this is found to be in commercial quantity, can you divulge details of the production sharing agreement, in terms of the split between the particular company and the Government of Belize?”
“I am not in a position to give you the percentages today but I can say that these are under new terms than we had with the previous company. So it’s going to be much more beneficial to the Belizean public. You know we have things like taxes and royalties and when you add that all up it is really a substantial part of what the company earns that will come to the Belizean public. But, if this is a commercial find I can assure you that all these details, with percentages and everything will be made public. Like all Belizeans I am anxiously awaiting the results and we’ll share that as soon as we get it. As I said we continue to be encouraged by what we are finding there.”
Drilling of South Canal Bank-One, Maranco’s second exploration well, began in early March and is expected to be completed by mid-April.