Belize has a small oil industry already producing crude oil, which it delivers to the US for refining, but only 2 sites are currently producing the crude and they are both located on the mainland. Production has been decreasing in recent years, however, oil companies have been doing preliminary exploration for quite a few years, and they believe substantial reserves exist within the country, especially offshore. The government of Belize has already mapped out parcels of the country for lease to energy companies wishing to further explore the geologic formations that usually contain oil. Many of the same formations that have been productive in nearby Mexico also extend into Belize, so energy companies are hopeful that larger oil reserves can also be found in Belize.
We recently found an article relating to the future of the oil industry in Belize.
We will be watching this one closely!