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Home » Economy, Environment » G.O.B. Approves PSA for Canadian Company to Explore for Oil in Northwest Belize
May 15, 2019

G.O.B. Approves PSA for Canadian Company to Explore for Oil in Northwest Belize

An online report is announcing that the Government of Belize, through the Ministry of Economic Development, Petroleum, Investment, Trade and Commerce has approved a production sharing agreement with Fire Creek Resources Belize Limited, an affiliate company of FCRL based in Calgary, Alberta.  According to the company’s C.E.O., Dean Casorso, the P.S.A. gives the company “the opportunity to apply our patented technology and experience as we look forward to commence production from discovered oil and gas resources in Belize.” The details of the agreement where revenue is concerned are unknown, but the P.S.A. will allow the company the exploration and development rights for an onshore contract area of approximately one hundred and eighty thousand acres in northwest Belize. According to the report, the area includes a discovered oilfield along with multiple undrilled prospects and it has significant resource potential. News Five has been informed that the project is strictly an oil exploration venture and falls under the responsibility of the Ministry of Petroleum. At news time, we were unable to contact Director of Petroleum, Andre Cho. Fire Creek Resources Belize Limited has been evaluating oil and gas opportunities in Belize for six years and has developed an unparalleled understanding of the resource in the area.

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