Belize Natural Energy (BNE) continues to be the only petroleum producing and exporting company in Belize, and official Government information supplied to Amandala indicates that total petroleum revenues, as of the end of September, totaled US$410,866,372 or BZ$821.7 million.
Government’s slice of the pie is 21 cents on the dollar, or a total of BZ$174.1 million since production began in 2005.
Gross revenues have increased by nearly BZ$170 million since 2009, based on company information.
BNE has produced nearly 6 million barrels of Belize Light Crude (BCL). BNE reports that the oil is exported to the US, Panama and Costa Rica.
Of interest is that 91.3% of the crude sales have been outside Belize, whereas 8.7% has been sold locally.
Total production is reported to be 5.8 million barrels up to the end of September, with 5.1 million barrels having been shipped outside Belize.
Local sales are reported to be 488,448 barrels of oil.
Government’s biggest earnings from petroleum come from income taxes, reported at roughly BZ$106 million. Royalties are far less - BZ$52 million. Amandala