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you would have to be here to understand the politics in this country.   This will be a political decision.  The population of
Belizeans and ex-pats largely opposes off-shore drilling.

In its own way, the Government of Belize has backed off plans to open the Barrier Reef to oil exploration. It has basically dropped its appeal of a court ruling that found such exploration inappropriate.
Read here:

Further, Belize has joined the "Ten Island Challenge" to make the country totally energy independent by the use of renewable energy sources.

That said, government of Belize moves in strange and mysterious ways. While it may have officially moved away from oil exploration, there is always the possibility that the concept will rear its head again. I believe the people of Belize have been energized and educated to the many downsides of offshore oil exploration here and will remain vigilant.

All that said, Belize is a country in need of revenue that does not drastically exploit its natural resources the way agrabusinesses, lumbering and oil would do. Tourism can take this nation a long way if it is developed thoughtfully and managed well. The trick is to not destroy the very things that make the country so appealing to visitors.

It is a tricky line.

So for now, no oil exploration.

What is interesting is that you are so ready to cross Belize off your list based on a story you read about oil exploration. This is still not a super easy country for expats to live in. It requires a lot more resourcefulness and determination than hunkering down in a 55-plus Florida retirement community. If you don't have it, don't come.

If you come to Belize, come ready to help the people of Belize make this a better country for all.

I agree totally with Mr. Hawkins' reply.  From our several years of traveling and now in the process of clearing/building our retirement ranch - almost all Belizeans we have met are very conscious of their natural resources and how precious they are (and the revenue they generate).  Belize has good-sized crude deposits down south in the mountains, but have to ship it off for refinement.  I would think an investment in a local refinery would do more good and help Belize become more self-sustaining. 
Belize desperately needs infrastructure to jump to the next level (better paved roads, recycling, etc) to help locals generate good income and bring in even more tourism.  I think Belize's toughest battle is to not get exploited by other concerns such as energy and the cruise industries.  With property taxes being so low - there isn't many other methods for the country to earn revenue - other than Ag exports and import duties.
JR