The Statistical Institute of Belize’s latest data reveals that Belize’s Petroleum industry is in steady decline, but the Ministry of Energy says that companies are working to address problem.

The SIB’s data revealed that crude oil production fell as much as 23 percent when compared to 2012. The data also showed the steady decline from 1.6 million barrels in 2009, to 792,000 in 2013.

CEO in the Ministry of Energy Dr. Colin Young, told the Reporter this week that oil production in the Spanish Lookout oil field is at 1930 barrels per day, a far cry from the 5000 barrels produced in previous years.

Young went on to say that the loss was expected and that if the price of oil on the world market was lower, Belize would be receiving even less revenue form oil exports.

Director of the Geology and Petroleum Department, Andre Cho, told the Reporter that there are currently 7 companies with oil contracts in Belize of which five are actively exploring for oil.

Those companies are Providence Energy Limited, New World Energy Limited, Maranco Energy Belize Limited, Princess Petroleum Limited, US Capital Energy Limited, Perenco Petroleum Limited and Pacific Rubiales Energy Corporation.

Cho explained that Maranco, which has struck oil in northern Belize is awaiting the results of testing to determine commerciality, while US Capital is preparing to drill appraisal well sin the Sarstoon Temash National Park within the first quarter of 2014.

He added that Perenco has performed some 300 kilometres of seismic testing, and Providence is preparing an environmental impact assessment for seismic testing in Toledo some time this year.

The Reporter