"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.

"... Based on the Hydrocarbon Law, an agreement was made that is very favorable for the country in case of finding oil, natural gas or other hydrocarbons in the Caribbean".

According to the Minister of the Ministry of Natural Resources and Environment (SERNA), Rigoberto Cuellar during scanning, BG will pay a fee, which will be different from the one established if they go on to an exploitation phase. In addition, a fund will be created to finance social programs in communities surrounding the areas of exploration.

Source: laprensahn.com

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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.

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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.

British Group to Explore Oil in Honduras

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The multinational oil corporation announced an agreement with the Honduran government to evaluate the oil potential of the country.

Latribuna.hn reported that "The head of the Ministry of Natural Resources and Environment (SERNA), Rigoberto Cuellar reported that a document will be signed at the Presidential Palace, between the Honduran government and the British Group company, to run studies on how much oil there is in the country and if it can be commercially exploited. "

Honduras Concessions Oil Exploration

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The Honduran government is negotiating with BG Group over the award of a hydrocarbon exploration concession in 3.5 million hectares in La Mosquitia.

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