Belize Natural Energy, the company that is harvesting the oil find in Spanish Lookout, is exporting oil, and lots of it. 7NEWS confirmed that an oil barge has been docked at the Big Creek Port since the last week in December. The barge has the capacity to transport 40,000 barrels of oil and 10 tankers are steadily supplying it. It should be at capacity in another two to three weeks and more tankers are expected to join the fleet to speed up the loading process. Once it is full, the crude oil will reportedly be shipped to Houston where, presumably, it will be further refined.
But the story here is that Belize is exporting crude oil in significant quantities. 40,000 barrels is the equivalent of 1,680,000 gallons. We can’t say what price Belize Natural Energy worked out with its buyers, but today in the world market, crude was selling at US$64 a barrel. At that price, this sale would be valued at US2.6 million. Again, that US$64 is an average price and the Belize Natural Energy’s price may differ. Whatever the final figure is, under the production sharing agreement, the Government of Belize should get 7.5% of the total, as well as applicable sales and business tax. (From 7News)
Oil rig at Spanish Lookout.