Energy Oil exploitation oil oil exploration Oil exploration oil contract hydrocarbon BG Group Government of Honduras Statoil (Noruega) contracts Geoex (Inglaterra) Government Iniciativa para la Transparencia de las Industrias Extractivas International Court of Justice

Costa Rica reacts to hydrocarbons exploration in Nicaragua

After the signing of a contract between the government of Nicaragua and a norwegian company to explore for hydrocarbons, Costa Rica has noted that the award was made on disputed maritime areas in the International Court of Justice.

Tuesday, June 2, 2015

An article in Nacion.com reports that "... Foreign Minister Manuel Gonzalez said he prepared the letter to the company that received the rights to explore and exploit hydrocarbons in the Pacific coast, in an area that lacks clear boundaries between the Costa Rican and Nicaraguan territory."

The letter is a clear warning about the legal uncertainty that such a concession for prospective petroleum activity involving an investment of $100 million would have.

The Costa Rican Foreign Minister said: "... It is an informative note to say that some of the blocks that Nicaragua has put up for concession could be in Costa Rican territory. Any agreement that they (Statoil) made with the Government of Nicaragua could be deemed to be flawed in an international lawsuit."

Source: Nacion.com

Goods

oil hydrocarbon

Key entities

Manuel González Statoil (Noruega)

Countries

Costa Rica Nicaragua

Insight

Legal uncertainty oil exploration Oil exploration Oil exploitation Complaints oil contract contracts Government Energy

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The Honduran Executive has approved an oil concession in the Caribbean to the British company BG Group.

From a press release issued by the Presidency of Honduras:

The Cabinet on Tuesday approved a contract for exploration and subsequent exploitation of hydrocarbons in the sea area of Mosquitia, on the Caribbean coast of Honduras, awarded to the British company BG Group.