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.
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.