FCRL Belize announced the approval of its Production Sharing Agreement (PSA) application by the Government of Belize Ministry of Economic Development, Petroleum, Investment, Trade and Commerce.
“This PSA is a significant step for a Calgary-based company. It showcases the world-class skills and experience that we have in Canada and that we can take outside of our borders to work with other nation states,” says FCB President and CEO Dean Casorso. “We appreciate Government of Belize’s decision to allow us this opportunity to apply our patented technology and experience as we look forward to commence production from discovered oil and gas resources in Belize. We sincerely thank the Government of Belize for positively considering our proposal.”
The PSA will allow FCB the exploration and development rights for an onshore contract area of approximately 180,000 acres in northwest Belize. The area includes a discovered oilfield along with multiple undrilled prospects having significant resource potential.
“This PSA represents a movement of Canadian companies to look for great opportunities around the world in partnership with other governments and resource partners. For FCRL, this is a logical expansion of our energy portfolio,” Casorso adds.
Source: Company Press Release