Oil Exploration Revives in Belize After Nearly Two Decades

It has been almost twenty years since an oil company struck oil in Belize, but several companies with concession areas are hoping to change that. As we reported there are currently five companies BelGeo and Fire Creek Resources Limited (FCRL), Viva Energy, US Capital Energy, and Saba Energy. Two of these companies will be conducting exploratory drilling this year while a third is appraising the viability of an oil deposit previously found by another company.  But drilling for oil doesn’t mean they will strike oil. Director of the Geology and Petroleum Department, Andre Cho, spoke with us about what the companies have done to increase their chances.

Cho said that all stakeholders are looking forward to the companies’ progress as many of the prospects appear promising. He noted that BelGeo and US Capital are the companies that the department believes are most likely to strike commercial oil.

According to Cho, Belize Natural Energy (BNE), the only company to strike commercial oil, never applied for another exploration license.