Honduras: Oil exploration to start in February

The first ship from the Petroleum Geo-Services (PGS) company will arrive at Puerto Cortes to carry out oil exploration.

Wednesday, January 21, 2009

Latribuna.hn reports: "The PGS representative in Honduras, Marco Flores, announced that they will continue with exploration in order to find out which parts of Honduras have more petroleum.

Authorities from the Secretariat of Natural Resources and the Environment have decided to sign a contract with PGS to carry out exploration in the Atlantic zone.

More on this topic

Search For Oil in Caribbean Nicaragua

June 2013

Noble Energy will invest between $90 and $335 million in oil exploration drilling in the Nicaraguan Caribbean.

This will be carried out after determining in the exploration phase if there is up to a 25% chance of finding commercially viable oil. The company estimates that this new exploratory process may extend to three years, although after 90 days, starting from August, they will know the results of the first drills.

Russia Will Explore Oil in Nicaragua

July 2009

Russia and Nicaragua formalized an energy cooperation agreement, to explore oil in the country.

Igor Sechin, Russia's Deputy Prime Minister, informed that exploration, both in land and Nicaraguan waters, will be carried out by the National Petroleum Consortium of Russia, comprised by the largest Russian oil companies.

Oil exploration on Nicaraguan Caribbean coast

December 2008

The government will sign two concession contracts with Infinity Energy for oil and natural gas exploration and exploitation.

According to the article from "Proceso Digital," the Nicaraguan vice-minister of Energy and Mining, Lorena Lanzas, pointed out that "the granting of these concessions have already been approved by the Regional Governments of the Southern and Northern Caribbean coast of Nicaragua, in accordance with the law."

Honduras signs agreement for oil exploration

December 2008

Petroleum Geo Services will carry out studies within 10 kilometers with the territorial waters of Honduras, and will have licenses to explore for crude.

PGS will invest in the study which will cost $23 million, and this would be recovered later by selling the studies to any of the firms that have shown interest in carrying out explorations.

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