There's oil, and lots of it in Spanish Lookout and now five new petroleum companies want in. Natural Resources Minister John Briceno yesterday reported to cabinet that 6 companies presently have licenses to explore for oil in Belize and 5 have applications pending at the Office of Geology and Petroleum. Right now, that office is really just a desk, but with production of close to two thousand barrels a day from two wells in Spanish Lookout, government has committed to beefing up the office.
First, government will devise a strategic management plan to guide the development of the petroleum sector and hire more technical, legal and administrative staff to cope with the added workload. And while that's on the operation side, on the policy side, a petroleum advisory board will develop a strategic management plan to guide the development of the sector.
