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Nicaragua Approves Geothermal Law Reform

Image for illustrative purposes only
Image for illustrative purposes only

NICARAGUA NEWS — 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.

Laprensa.com.ni further reports that the law of Geothermal Resources, also approved “… The reform of the Organic Law of the Nicaraguan Petroleum Company (Petronic), which did not have the consensus of all members present, due to the fact that 24 legislators of the Alliance of Independent Liberal Party (Bapli) voted against it because they do not agree with the representation of Petronic in exploration and exploitation of deposits of this resource. ”

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