Oil Exploration Contract in Nicaragua

The Canadian company Union Oil & Gas Group has announced that an agreement signed with the Ortega administration will allow them to carry out exploration works in the Sandino Basin in the Pacific.

Tuesday, July 19, 2016

This agreement is added to the four signed in June last year with Statoil for exploration and extraction works in a total area of 16 thousand square kilometers, also in the Pacific.

Guzman Fernandez, executive director of Union Oil & Gas Group Corp., told Elnuevodiario.com.ni that "... 'These blocks have excellent potential for reserves and are in a basin where Norway's Statoil is already operating. The agreement follows our strategy to capitalize on a number of exceptional buying opportunities in local markets in Latin America'."

César Zamora, chairman of the Chamber of Energy in Nicaragua, "... described the agreement signed by Union Oil & Gas Group Corp (UOGG) with Petronic.as very good. 'The company UOGG is extremely strong and this agreement comes at a very good time because there is little exploration of oil in the world, companies like this are entering a new frontier with the chance of finding hydrocarbon and gas, they are companies with enough capital and this is a big bet '. "



More on this topic

Costa Rica reacts to hydrocarbons exploration in Nicaragua

June 2015

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.

An article in Nacion.com reports that "...

Oil Exploration Contract Approved in Honduras

April 2013

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.

Guatemala Prepares Oil Tender

July 2012

The Ministry of Energy and Mines is continuing its search for companies interested in participating in a tender for the seven oil fields located in Petén.

Investors from Canada, the USA and Uruguay have participated in briefings and for in the next few weeks so will businessmen from Colombia and Brazil.

Oil Company Transfer Contract Authorized

January 2012

The Ministry of Energy and Mines of Guatemala has authorized the General Fuel Company to transfer a contract to Ceiba Petroleum.

The transfer is of 90% of the rights and obligations of the Contract for Production Sharing Number 4-93.

"This transfer of rights was agreed on December 20th at the offices of notary Morales Luis Fernando Pinzon, according to the official daily publication.

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