the private fortunes are exponentially growing offshoreCABINET APPROVES PRODUCTION SHARING AGREEMENT TO PERENCO LTD.
Cabinet has approved production sharing agreements to Perenco Limited. The applications were for exploration blocks recently given up by Belize Natural Energy Limited. The public now has ten days to make representation and offer any objections to the award. Objections should be submitted in writing to the Geology and Petroleum Department, Ministry of Natural Resources and the Environment in Market Square Belmopan no later than October 27. The Ministry says the public can visit the Geology and Petroleum Department to get general information on the applications. On its website Perenco Ltd. Says the area in question covers 1500 square kilometres and surrounds the BNE operated Spanish Lookout and Never Delay Fields. The company says to secure the Block in a competitive process, Perenco has committed to the acquisition of 200 kilometers of 2D seismic in the first year and an additional 200 kilometer of seismic or a well in the second year representing a total investment of 10 million dollars. On the existing Block A, Perenco has finalized its interpretation and mapping and is advancing plans to drill in 2012. The company says it is utilizing the insight gained from its Guatemalan operations, specifically its knowledge of the Xan field geology and trap and hopes to make similar Xan type discoveries in Belize. LOVEFM