Briceño Says Newly Appointed Special Envoy to Attract Investors to Explore Oil Reserves in Belize

Belize is still sitting on small oil reserves, and Prime Minister John Briceño says it’s the reason for bringing in a special envoy to attract investors.

The comments follow Monday’s appointment of David Morales as Special Envoy for Oil and Gas.

“We do have some oil, nothing in quantities like Guyana, unfortunately. But we believe that we still have small pools, maybe several million barrels,” he said.

He pointed to previous discoveries in Spanish Lookout, estimated at 10 to 12 million barrels, and identified other possible areas in the north between the Corozal and Orange Walk Districts, near Blue Creek, and areas in southern Belize.

Briceño also revealed renewed interest from investors linked to Belize Natural Energy. “They have raised, I think, 50 million to be able to do two more wells in that area,” he said.

Briceño said Morales will use his industry experience to attract investors. “He has something to be able to knock on doors and open doors and say, ‘Hey, come to Belize, we have opportunities,” he said. “He does not get paid anything. It is something he is offering to use his years of experience.”

Briceño stressed that Morales will not sign agreements and will instead direct investors to the Ministry of Petroleum to follow the official approval process.