How much do you know about the small nation of Belize? If you are not from the country, and you are like most people out there, the answer will probably be that you know next to nothing except that it is in Central America. However, this nation could actually become a huge player in the gas and oil industry though, and it might happen sooner than many believe. In early May, Belize’s Ministry of Energy announced plans that they would actually consider opening the country up to exploration. This means that oil and gas companies would finally be able to check out both the onshore and offshore potential of the country.
According to reports, Belize officials have been thinking about implementing this policy since late 2014. They recently said that they are still talking about the potential for exploration in their nation. Even though the talks are still uncertain right now, things to seem to be coming along quite well, and this could mean great things for Belize. It’s a small country – only about 8,867 square miles. However, it has a fantastic location. The eastern coast is right on the Gulf of Mexico, and many feel that there is plenty of onshore potential as well.
With the rumor that Belize might soon be available for exploration and drilling, many companies are salivating at the chance to work in the country. This could be a great opportunity for many different companies, particularly those smaller oil and gas businesses that are still trying to establish themselves. Companies should certainly keep watch of the news coming out of Belize so they can get a change to get in on the ground floor.
Of course, it is important to remember that everything is still in negotiations within the country. They have not yet come to any decision on whether they would open up their borders, or what the restrictions and stipulations might be if they do. There is no estimate as to when they will be making their decision either, but most feel that it will come soon. Belize may have their own rules when it comes to how the industry will be able to operate as well as certain safety measures they need to which they need to adhere. However, it’s a very exciting time, and it could mean great things for Belize and for those companies who are able to get in and drill.
About Oil Works Inc.
Oil Works, Inc. is a complete drilling rig equipment manufacturer and service provider based in the Permian Basin for over 20 years. OWI’s product and service offerings include Derricks, Substructures, Drawworks Manufacturing, Mud Systems, Rig Walking Systems, Power Generation, Control Systems, Iron Roughneck Service, Quincy Air Compressors. We are a complete Drilling Equipment Manufacturer and build to API and ISO standards. OWI is also proud to offer 24/7 Service and Support.