Former Chief Executive Officer in the Ministry of Energy, Science, Technology and Public Utilities, Dr. Colin Young, reported that oil production in Belize is at an all-time low and will continue to decrease through 2024.
According to the Statistical Institute of Belize, revenues from petroleum exports hit a high f $292 million in 2012 but slowed to $102 million in 2014. Third quarter numbers are at their lowest since 2008. With global oil prices remaining low and extraction amounts decreasing consistently, it is possible that Belize’s petroleum industry will continue on a downward slope.
Dr. Young says that these numbers are on target with early projections of the Belize Natural Energy Limited, which initially found that 1,000 barrels of oil could be extracted per day through 2024.
