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Panama Unions,
Government to Resume
Talks
Oil in Nicaraguan
Caribbean Coast Legalized
Controversial Cop
Kill in Guatemala
Brazilian Police
Arrest
14 Mayors For
Embezzlement
8 Soldiers Killed, 5
Injured In Colombia Mine
Ambush |
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Oil in Nicaraguan
Caribbean Coast
Legalized
Nicaragua legalized oil
exploitation in its
Caribbean waters
Wednesday and it will
start exploiting a
resource that might turn
Nicaragua into a Central
American exporter,
something that may take
years, experts said.
A press release from MKJ
Exportaciones
Internacionales S.A.
said Nicaragua will
carry out seismic
studies that will take a
year.
The drilling stage will
take from one to three
years and later, if
there are promising
results they will go for
the production stage.
The Nicaraguan
government and the
authorities from
autonomous regions of
the North and South
Atlantic signed an
agreement to legalize
two concession contracts
with MKJ.
Signed by General
Prosecutor Hernan
Estrada, the agreement
opens doors to a project
that may produce incomes
for 20 billion dollars.
US enterprise MKJ
president Eric Conrad
said 48 percent of the
extracted crude will
remain in Nicaragua. The
agreement covers a
period of 30 years,
renewable for more, by
which MKJ will grant 100
percent of the
inventories to the
Nicaraguan government.
There is still an
ongoing investigation on
the environmental impact
in a very important zone
destined for ecological
preservation.
Nicaragua totally
depends on imported oil
and by-products to meet
its energy needs.
It is expected that over
the next days Nicaraguan
President Daniel Ortega
will announce a series
of measures to reduce
fuel and energy costs,
especially to establish
a fixed price for
diesel.
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