Within the framework of the “Energy Governance Program: Technical Assistance in the Hydrocarbons Sector” developed by OLADE with the cooperation of the Government of Canada, OLADE provided technical assistance to the Government of Belize with the objective of implementing the recommendations regarding the regulatory framework for oil in the study, “Consulting to Provide Technical Assistance in Regulation of the Oil Sector in Belize” developed by OLADE in 2015, and to draft amendments and new regulations for the petroleum sector in accordance with standards, practices and current international regulations.
This assistance provided a detailed review of the country’s fiscal regime and the regulatory framework of the hydrocarbons sector. It was also provided a model to the country, which will help decision-makers to assess, from different points of view, a set of fixing prices scenarios and other variables of the sector.
During the technical assistance, a diagnosis was made of the best international practices in the design of fiscal systems and regulatory frameworks, in operational areas and environmental issues, related to the field of hydrocarbons.
As a result of the analysis carried out, the Government of Belize was presented with proposals for technical, economic and environmental standards consistent with the reality of the country and in accordance with current international standards.
As a result of this activity, the Government of Belize stated to OLADE that ” the country will take the necessary measures for the timely implementation of the proposed fiscal, legislative and institutional changes with a view to modernizing, improving and strengthening the oil regulatory framework for the country”