With the discovery of oil in Spanish Lookout now emerging as one of the most important developments in Belize's post independent history, the establishment of the country's first Petroleum Advisory Board is a signal accomplishment and the man in charge of it is made into a powerful player. It was announced on Friday that Eamon Courtenay is that man.
Courtenay is former PUP Trade Minister and the current Deputy Chairman of Michael Ashcroft's flagship company BB Holdings, the parent company for the Belize Bank. The meeting to elect Courtenay was held on Thursday afternoon at the Central Bank. Courtenay will be backed up by Deputy Chairman Lennox Neal, the CEO of Belize Sugar Industries.
We can't say whether it's a conflict to have a private banker defend the public interest on what it is expected will be a muscular advisory board but Courtenay is a Briceno loyalist and an Ashcroft employee, a combination of qualifications that, we imagine, were hard for the board to refuse.
According to a release from the Ministry of Natural Resources, the terms of reference tasks the board to:...recommend a negotiating team for the Geology and Petroleum Department to strengthen the department's negotiating capability for exploration contracts; evaluate of government's option to purchase a 10% working interest in the petroleum companies with a view to increase government's take of revenues; evaluate proposals to amend the petroleum laws and contract model used in Belize to improve the legal and fiscal regimes for greater long term benefits for the government; and evaluate various models for petroleum revenue from other countries and recommend a strategy for Belize to maximize benefits for Belizeans. Those are the words, it's now left to be seen how the deeds will realize those goals.
