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.
The government will sign two concession contracts with Infinity Energy for oil and natural gas exploration and exploitation.
Infinity Energy Resources Company, Inc. received government approval to explore 1.4 million acres of the Caribbean Sea coast.
The President invited Exxon Mobil Corporation to participate in oil exploration in Guatemala.
For four years, Britain's BG Group will explore 35,000 square kilometers in the Honduran Caribbean, looking for hydrocarbons.
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