My take on Belize is that cronyism and a lack of a competitive bidding process has impacted the entire foundation of all the outstanding petroleum sharing agreements. Most of them including ours had already begun enforcing the 25% clause, where a portion of the PSA concession property returned to the government. I think we already elected to return environmentally sensitive areas anyway (years ago I recommended a checkerboard to the company). It damages their entire petroleum community, the credibiity of the government processes, and will certainly affect future pricing on contracts as well. Business requires certainty. This was a huge win for socialist environmentalists in Belize. This is why it is called the third world.This is why they are renegotiating their super bonds; they have no industry, they have no income, and at this rate they never will. Hopefully there are brighter minds in Belize working on a better solution.

My take on Texas is I need a rig turning. Oiljob