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Belize & Chinese Petroleum Corporation (CPC) of Taiwan Sign Exploration Agreement
- By S Coward
- Published 16-Jan-09
- Environment/Energy
- Unrated
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For eight years
Belmopan - Jan. 16, 2009 -- A Production Sharing Agreement (PSA) was signed this morning in Belmopan. The agreement is between the Government of Belize and OPIC Resource Corporation which is an overseas subsidiary of the Chinese Petroleum Corporation (CPC) of Taiwan.
It provides for Petroleum exploration for a period of eight years in this offshore region. Revenues collected by the Government will include royalties, share of production, income tax, and ten per cent working interest.
The C P C is a well-established oil company which has the technical and financial capabilities to conduct explorations in this off shore area. Preliminary exploration activities will begin within 90 days from date of signing.
Hon. Gaspar Vega, Minister of Natural Resources and the Environment signed on behalf of the Government of Belize and Dr. Ming-Tar Lu, President,
signed on behalf of OPIC Resource Corporation.
The ambassador of the Republic of China (Taiwan) to Belize, His Excellency Ting Joseph Shih was present for the signing.
In other news, later in the day Minister Vega attended the inaugural meeting of the Board of Directors of the Solid Waste Management Authority also in Belmopan.
In his address to the new board members, Minister Vega pointed out that “improving the management of the waste in our country is at the heart of this government’s approach to sustainable development... our vision is of a resource-efficient culture, where waste reduction, re-use and re-cycling are part of the everyday life of every Belizean. This will result in a cleaner, greener and safer environment for all.”
The new board members are: Messrs. Llewelyn Williams, Noland Michael, Winston Taylor, Mario Fernandez, Martin Alegria and Dr. Michael Pitts.
It provides for Petroleum exploration for a period of eight years in this offshore region. Revenues collected by the Government will include royalties, share of production, income tax, and ten per cent working interest.
The C P C is a well-established oil company which has the technical and financial capabilities to conduct explorations in this off shore area. Preliminary exploration activities will begin within 90 days from date of signing.
Hon. Gaspar Vega, Minister of Natural Resources and the Environment signed on behalf of the Government of Belize and Dr. Ming-Tar Lu, President,
The ambassador of the Republic of China (Taiwan) to Belize, His Excellency Ting Joseph Shih was present for the signing.
In other news, later in the day Minister Vega attended the inaugural meeting of the Board of Directors of the Solid Waste Management Authority also in Belmopan.
In his address to the new board members, Minister Vega pointed out that “improving the management of the waste in our country is at the heart of this government’s approach to sustainable development... our vision is of a resource-efficient culture, where waste reduction, re-use and re-cycling are part of the everyday life of every Belizean. This will result in a cleaner, greener and safer environment for all.”
The new board members are: Messrs. Llewelyn Williams, Noland Michael, Winston Taylor, Mario Fernandez, Martin Alegria and Dr. Michael Pitts.
