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 Laprensa.com.ni 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."



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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.

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Reform to Law on Hydrocarbon Exploration

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