By approving the changes to the Special Law for Exploration and Exploitation of Hydrocarbons, the country's oil sector contractors are exonerated from all taxes.
The amendments stipulate that transfers of agreed contracts shall not pay taxes during the exploration period, and the direct or indirect assignment or transfer of all or part of the rights derived under any modality for the activity of exploration and exploitation of hydrocarbons shall be exempt from any capital gains tax.
In Nicaragua, a reform to the Hydrocarbon Supply Law was approved, which allows thermal generators to "freely" import fuels derived from hydrocarbons.
In relation to the approved reform of urgent character, Patricia Rodriguez, expert in energy, explained to Elnuevodiario.com.ni that "... it is not clear what will be the role of the Nicaraguan Company of Petroleum (Petronic) nor why the refinery of the company Puma Energy will stop producing full oil to generate electric energy."
From January to September of this year, imports of different types of fuels in Honduras totaled $1.155 million, 20% more than the same period in 2017.
According to statistics from the Central Bank of Honduras, between the first nine months of 2017 and the same period in 2018, the country reported an increase in foreign purchases of fuel, rising from $963 million to $1.155 billion.
The results of the examination carried out so far by the Norwegian company Statoil indicate the existence of "interesting geological structures that may contain oil."
Elnuevodiario.com.ni reports that "...Preliminary results of the first stage of research were presented on Tuesday by Statoil to authorities of the state-owned company Empresa Nicaragüense de Petroleos (Petronic), the Ministry of Energy and Mines (MEM), the Ministry of Environment and Natural Resources (Marena), and Enel."
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 "... Foreign Minister Manuel Gonzalez said he prepared the letter to the company that received the rights to explore and exploit hydrocarbons in the Pacific coast, in an area that lacks clear boundaries between the Costa Rican and Nicaraguan territory."
An announcement has been made that in November one of the companies which won a contract will start to carry out oil explorations and that new tenders will be published for 2016.
From a statement issued by the Ministry of Energy and Mines:
The Minister of Energy and Mines, Lic. Pelegrin Castillo announced that next year the Dominican Government will be ready to call on companies interested in hydrocarbon exploration tenders in the country, following the creation of the National Hydrocarbons Base.
The contract awarded to Greenfields Petroleum to carry out exploration and exploitation of hydrocarbons in the El Cedro, between Alta Verapaz and Petén is now in effect.
The Ministry of Energy and Mines approved the contract with Greenfield Petroleum, effective as of January 2, 2015, to carry out exploration and exploitation of hydrocarbons in the area El Cedro 6-2012.
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.
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.'"
The state run firm Recope has affirmed the need to build a refinery with the Chinese, citing the existence of a contract which is already being run.
Instead of focusing on strategies for renewable energy generation and opening up the energy market in the country, the authorities of the Costa Rican Oil Refinery insist on building an oil refinery, using funds from the Chinese government.
The government has signed memorandums of understanding with the British Geoex and Norway's Statoil, to carry out studies and activities in re-exploration and exploration of gas-oil in the Pacific.
The agreement signed with the Norwegian state run company Statoil focuses on the development of a study for exploration and exploitation of hydrocarbon potential in the Nicaraguan Pacific, while the one signed with Geoex, allows for a study of surface reconnaissance around the Pacific Nicaragua, about 32 thousand square kilometers of water and about 9 thousand kilometers in line for the complete study which will allow Statoil to start exploration activities.
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.
Businesses are asking for the elimination of the state oil monopoly by Recope as a solution to reducing the cost of energy and fuel.
The union rejected the possible entry into the petroleum agreement because of the interference that could come from the Venezuelan government in Costa Rican politics and because it means buying oil at the cost of greater indebtedness in the future.
Price of a gallon of regular gas: Costa Rica $4.91, Nicaragua $4.72, Honduras $4.97, Guatemala $4.16 and El Salvador $4.10.
From information published by the Ministry of Economy of El Salvador:
The Ministry of Economy has announced new changes in the reference prices for fuel, which will be in force from April 15 to 28 2014.
The new changes in reference prices for fuels nationwide, are as follows: a decrease for special gasoline of $0.07 in the central and western areas, and a decrease of $0.08 in the east; increase of $0.01 for regular gasoline in the three areas of the country; and diesel will decrease by $0.03 in all areas of the country.
The rise in interest rates and lowering of the timeframes adopted by the government of Venezuela means that Honduras will have to seek other options for purchasing fuel.
According to Alden Rivera, Secretary of Economic Development, Petrocaribe fuel is no longer cheap and no longer attractive to Honduras. The increase in interest rates and reduction of timeframes is forcing the country to seek alternatives for buying fuel.
The government has awarded the company City Petén a contract for exploration and exploitation of oil in the Yalcanix area in the department of Petén.
Jose Paez, legal representative of City Peten, said they plan to start environmental impact studies and in the next three years will be investing $30 million during the exploration stage.
The approval came after a long period of legal analysis.