Belize Grants Production Agreement to Spartan Petroleum
BNAmericas Tuesday, June 13, 2006


Belize's government has issued a new production sharing agreement (PSA) to Texas-based Spartan Petroleum Corporation for blocks 2, 16 and 17 of the country's Corozal district, the government said in a statement.
The PSA gives Belize royalties of 12.5% on oil and 7.5% on natural gas, a minimum of 11% production sharing and a working interest option of 10%.

Belize has issued six PSAs since 2005 and is presently considering applications from five other companies for oil exploration.

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