The Government of Belize has unveiled a strategic initiative to catalyze investment in its oil and gas sector, with Prime Minister John Briceño affirming a commitment to the industry’s responsible development. While acknowledging the nation’s hydrocarbon reserves are modest compared to global producers, the administration is pursuing a targeted approach to leverage existing potential.
Central to this strategy is the appointment of David Morales as Special Envoy for Oil and Gas for a three-year term. Morales, who holds formal qualifications in petroleum studies and previously worked with Belize Natural Energy (BNE), will serve in an unpaid capacity. His mandate focuses on attracting foreign investment and identifying new opportunities by utilizing his industry connections and expertise.
Prime Minister Briceño provided specific details about Belize’s petroleum prospects, referencing discovered reserves in the Spanish Lookout area estimated at 10-12 million barrels. He revealed that BNE has secured approximately $50 million in funding for two additional wells in that region based on confirmed petroleum findings. Additional potential sites were identified in northern areas between Corozal and Orange Walk District near Blue Creek, as well as in southern regions.
Morales approached the government with a proposal to serve as special envoy, suggesting his industry connections could effectively “knock on doors and open doors” for Belize’s energy sector. The Prime Minister emphasized this appointment represents a cost-effective approach to developing the country’s energy resources without government expenditure, relying instead on Morales’ voluntary contribution of expertise and network.