Belize - Belize News - - Great Belize Productions - Belize Breaking News
Home » Miscellaneous » 1st new-style production sharing agreement signed by G.O.B.
Jun 5, 2006

1st new-style production sharing agreement signed by G.O.B.

In related news the Ministry of Natural Resources has issued the first production sharing agreement under the new oil exploration strategy approved by Cabinet. That contract, concluded with Spartan Petroleum Corporation of Texas, provides for a twelve point five percent royalty on oil, seven point five percent on natural gas and a minimum of eleven percent government share in production. This is in addition to an option for Belmopan to buy a ten percent interest in any productive field that may be discovered. Spartan, which unsuccessfully explored in southern Belize in the 1970′s, and the north in the 80′s, will this time be searching in three blocks in the Corozal District. Five other companies have applied for exploration rights in Belize and those applications are currently under review.

Viewers please note: This Internet newscast is a verbatim transcript of our evening television newscast. Where speakers use Kriol, we attempt to faithfully reproduce the quotes using a standard spelling system.

Advertise Here

You must be logged in to post a comment Login