Cabinet Approves Oil and Gas Deals With Maranco, Cara Energy

Cabinet has approved production sharing agreements for oil and gas exploration and production with Maranco Limited and Cara Energy. According to a Cabinet brief, this is subject to certain conditions.

The cabinet approved the recommendation of the Ministry of Natural Resources, Petroleum and Mining to enter into the agreements. The brief does not say what the conditions are.

Cabinet also endorsed the use of retroactive financing through the Inter-American Development Bank (IDB) for a rural electrification programme in Southern Belize. The programme aims to expand and improve access to sustainable, reliable and modern electricity in unserved and underserved rural and indigenous communities. The financing lets the Government of Belize self-finance up to US$4.7 million, which would be reimbursed under the loan.

The cabinet also approved the launch of the Medium-Term Development Strategy (MTDS) report under #planBelize 2.0. The strategy has five strategic thrusts: Sustainable Economic Transformation; Social Protection and Human Resilience; Sustainable Rural and Agricultural Development; Environment, Conservation and Climate Resilience; and Institutional Strengthening and Public Service Modernisation. Cabinet said together they form an integrated national development agenda.

The Cabinet also approved Belize joining the Global Initiative to galvanise political commitment to international humanitarian law. The brief says the move is consistent with Belize’s position on international law and the United Nations Charter and “will underscore Belize’s credibility as a champion of international law.”