Teofilo de la Torre, the Minister for Environment and Energy, said the company over the past ten years has complied with legal procedures and various appeals, in order to get the award, and now the state must respect their commitment.

An article in Nacion.com reports, "According to preliminary studies by the company, enough oil can be drawn from the northern zone to cover the country's annual demand."

The minister said the government will not grant more concessions to private companies.

Source: Nacion.com

More on this topic

Costa Rica: Oil Development Banned Until 2021

July 2014

While renegotiations are carried out on a loan to build an oil refinery, President Solis has issued a decree extending the moratorium on oil exploration and production until 2021.

While the private sector mourns the loss of competitiveness caused by the high cost of electricity and the lack of proposals to solve the power supply problem affecting the country, the government has decided to extend for six years a ban on all types of oil industry in the country, citing lack of information on the effects of the activity on the environment.

Costa Rica vs. Nicaragua: Oil in Disputed Seas

February 2014

The Costa Rican government will ask the International Court of Justice to determine the border between the two countries in the Caribbean and Pacific.

Both countries have not reached an agreement over the delimitation of their maritime boundaries, and the recent decision by Nicaragua to tender exploration and exploitation of oil in Caribbean waters has alarmed the government of Costa Rica which has denounced Nicaragua for offering such licenses in areas that Costa Ricans consider belongs to them.

Oil Contract Awarded in Guatemala

October 2011

Without disclosing the name of the company, the Ministry of Energy and Mines has announced that they have awarded a contract for exploration and exploitation of oil in Petén.

The Minister of that department, Alfredo Pokus, noted that they won't reveal the name of the contractor until the company itself has been notified.

15 Companies After Guatemalan Oil Fields

December 2010

Executives from 15 international companies participated in the briefing of new bidding areas.

Tradex, Perenco, Tenseco Energy Corporation y Odebrecht are among the companies showing interest.

In case of Perenco, his vice president, Larry Bottomley, stressed the importance of expanding its operations in Guatemala, "so we are open to participate in the bidding," reported Prensalibre.com.