BELIZE

BELIZE (in Central America)	CAPITAL: BELMOPAN POPULATION: 0.3 mm AREA (on): 22,000 km² OIL PEAK: 2010 (forecast)
SUPPLY Belize Natural Energy Ltd. was said to have discovered commercial oil reserves with three wells onshore Belize in 2005. Production reportedly flowed from two Cretaceous zones; the Yalbac and Hill Bank formations. Both are believed to have equivalents in the producing Coban formation in Guatemala. The discovery is near Spanish Lookout, east of Guatemala’s largest oil field and northwest of Belmopan, Belize’s capital. Production began in 2005 and may rise to a peak by 2010. No gas is produced in Belize. DEMAND Belize consumes small volumes of oil, which has increased markedly since 1999. Growth in consumption will be much more restrained over coming years. No gas is consumed. The country imported all of its oil up to 2004 but imports have declined a little as indigenous production has built up.


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