Honduras To Suspend Oil Exploration Permits

The Ministry of Natural Resources issued a decree that would suspending exploration permits and exploitation of hydrocarbons.

Tuesday, February 8, 2011

The measure would apply while the new law is passed, which regulates the exploration and exploitation of hydrocarbons.

The initiative by the Secretary of Natural Resources and Environment (SERNA) justified the decision on the far too small tax collected by the State of Honduras, figure which is far below international standards, reported Proceso.hn.

More on this topic

Reform to Law on Hydrocarbon Exploration

August 2014

A proposal has been made to amend the Special Law on Exploration and Exploitation of Hydrocarbons in order to further extend search deadlines from 5 to 10 years for the operating period and from 1 to 6 years for exploration.

In order to provide longer time frames for exploration and mining stages, the President has sent to the National Assembly a proposal to reform the Special Law on Exploration and Exploitation of Hydrocarbons.

Honduran Congressional Endorsement of Oil Contract

October 2013

The contract grants a concession to BG International Limited for exploration and development in more than 35,000 square kilometers in the Caribbean Sea.

On April 11 of this year 2013, the Cabinet approved the contract which has a term of 10 years, having the condition of returning to Honduras 50% of the area exploited from the corresponding studies on a term not exceeding four years.

Guatemala: Plan for National Hydrocarbons Agency

October 2013

The Guatemalan State is proposing to boost oil extraction by creating an agency independent of the Ministry of Energy and Mines.

Keeping in mind the model followed by Colombia, "the Ministry of Energy and Mines (MEM) wants to create a National Hydrocarbons Agency, to increase the exploitation of those resources."

Oil Exploration Bill Ratified in Honduras

May 2013

Congress passed after a single debate the operating contract for British Gas Group to explore and exploit oil in the country.

"The Commission issued a favorable opinion after considering that in the negotiation for exploration and exploitation there will be no losses for Honduras ...", reported Laprensa.hn.

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