Honduras signs agreement for oil exploration

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

Tuesday, December 23, 2008

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.

Development Manager at PGS, George Buzan, explained that the analysis will start sometime between February and March and will last ten years.

More on this topic

Extension of Future Oilfield in Nicaragua

November 2012

A recent ruling by the Court of the Hague, increasing the country’s maritime territory by 90 thousand square kilometers, puts Nicaragua in the sights of the oil companies.

According to experts the area where Nicaragua now has exclusive economic rights, is very rich in mineral resources and fisheries.

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.

Honduras: Oil exploration to start in February

January 2009

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

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.

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."

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