The Mineral Industry Of Central American Countries ? Belize

The only mining activity in Belize during 1976 involved the production of construction aggregates, which were used domestically. A comprehensive ordinance regulating mineral prospecting and mining was proposed during the year. Under the ordinance, which would supersede all grants and titles, ownership and control of all minerals except petroleum would be vested in the Government. Exxon Corp. entered into an agreement with three oil companies to achieve a majority interest in nine oil prospecting leases covering 1 million acres, mostly offshore Belize. The agreement was with Weatherford International Inc. which had 30% interest in the leases, Ajax Petroleum Co. with 40% interest, and Canadian Superior Oil Ltd, with 24% interest. A new entity, Esso Ventures Inc., was established to be responsible for conducting extensive geophysical operations and drilling an exploratory well offshore Belize.