Crude Oil Sales
Oil produced from the Spanish Lookout Oilfield and the Never Delay Oilfield are mixed at the Belize Natural Energy Ltd. (BNE) Spanish Lookout central production facility located at Iguana Creek just outside of the Spanish Lookout Community and are sold both locally and internationally. Local sales are made from the Spanish Lookout central production facility. Local industries purchase the crude oils to use as fuel oil to power large broilers and generators.
The crude oils are transported from the Spanish Lookout central production facility in tanker trucks and offloaded and stored in the shore tanks at the BNE international export facility located at the Big Creek Port in the Stann Creek District. All international sale of the crude oils is made from this export facility. International sales are made to Shell Trading in Houston, Texas, USA.
The sale price is determined through sales agreements between BNE and Shell Trading using a five day weighted average of the spot market price of crude oil at the time of each shipment.