At the end of 2012 there were 17 companies holding exploration licenses from the Government of Belize; one company discovered oil and gas in commercial quantities (2005).
There are two grades of commercial oil in Belize. Never Delay Crude comes from the Never Delay Oil Field in the central region of the country. Belize Light Crude is the crude oil from the Spanish Lookout Oil Field in Western Belize.
To date, no company has discovered sweet crude oil in commercial quantities in Belize. Several companies are preparing for Drilling operations. These include Blue Creek Exploration, US Capital Energy, and Maranco Ltd.