Honduras poised to launch hunt for oil

The government of Honduras is preparing to sign an oil exploration agreement with a US consortium, said Tomás Vaquero, the minister of natural resources.

Monday, July 7, 2008

The consortium, which has not been identified, aims to seek oil on the Caribbean coast, between Tela and Islas de la Bahía, though any agreement will have to be approved by the Honduran Congress.

More on this topic

Honduras: $22 million in Oil Exploration

July 2013

For four years, Britain's BG Group will explore 35,000 square kilometers in the Honduran Caribbean, looking for hydrocarbons.

According to the manager of government relations for the company, Andrew Hepburn, they are waiting for the exploration contract signed by the oil company and the government to be published in the official newspaper La Gaceta.

Nicaragua Approves Oil Exploration Concession

March 2009

Infinity Energy Resources Company, Inc. received government approval to explore 1.4 million acres of the Caribbean Sea coast.

The CEO of Infinity Energy Resources, Stanton E. Ross, manifested in the company’s press release: "The final approval of contracts for exploration [of natural gas and oil] and development by the Ministry of Energy and Mines and the Government of Nicaragua will allow the company to proceed with exploration activities."

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."

Alvaro Colom approaches American transnational companies

August 2008

The President invited Exxon Mobil Corporation to participate in oil exploration in Guatemala.

While attending the II Competitiveness Summit of the Americas, in Atlanta, Georgia, USA, President Colom met with representatives of the transnational companies in that country.
Even though there were not any final agreements resulting from the talks, the President presented a series of invitations to the companies.

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