Nicaragua: State is Partner in Oil Exploration

The adoption of the amendments to the hydrocarbon law provides for the participation of the state run company Petronic in exploration activities and the ability to partner with other companies engaged in the activity.

Thursday, September 18, 2014

The amended law authorizes Empresa Nicaragüense de Petróleo (Petronic) to represent the State in the exploration and exploitation of oil and "... make 'associations and partnerships with companies who come to explore and exploit hydrocarbons.'"

Opposition Deputy Victor Hugo Tinoco told that "... 'this does not inspire us with confidence, Petronic smells of corruption, we would prefer it if it were an entity created where parliament can make an audit, as mandated by the Constitution '. The partnership between Empresa Nicaragüense de Petróleo (Petronic) y Alba de Nicaragua SA (Albanisa) presumes that the latter will have an impact on the exploration and exploitation of oil fields."

More on this topic

Oil Exploration Agreement in Nicaragua

March 2015

The Nicaraguan Oil Company has signed a cooperation agreement with a Canadian company for exploration of oil and gas.

Following the agreement signed between the company EastSiberian Plc, belonging to TMX Group in Canada and the National Oil Company of Nicaragua (Petronic) the Ministry of Energy and Mines has been approached in order to start negotiations for the subsequent signing of concession contracts.

Nicaragua Approves Geothermal Law Reform

October 2014

The Assembly has approved the amendment to the law that gives the state a 10% share of all concessions for exploration and exploitation of geothermal resources.

Unlike the hydrocarbons reform law, this amendment was adopted unanimously, giving the Nicaraguan Electricity Company authorization to represent the State in the exploration and exploitation activities of geothermal resources that are carried out in the country.

Nicaraguan State Partner in Geothermal Projects

September 2014

The law reform which is being prepared by the government establishes that future exploration and exploitation of geothermal power will have to be carried out in partnership with the state.

The head of the Sandinista parliamentary group, Edwin Castro, said that the reform draft states that "...

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.

 close (x)

Receive more news about Energy

Suscribe FOR FREE to CentralAmericaDATA EXPRESS.
The most important news of Central America, every day.

Type in your e-mail address:

* Al suscribirse, estará aceptando los terminos y condiciones

Looking for Importers and distributors of furniture

Mexican manufacturer of office furniture seeks importers and distributors interested in dealing their products in Central America.
PM Steele is a 100% Mexican company, with more than 67...

Stock Indexes

(Apr 6)
Dow Jones
S&P 500


(Jan 20)
Brent Crude Oil
Coffee "C"