Nicaragua invites foreign oil companies

Nicaragua’s national assembly approved a reform of the power industry law to allow the tax-free sale of self-generation surplus from renewable energies.

Meanwhile, the assembly’s infrastructure and public services committee issued a favorable ruling on a bill to reform the hydrocarbons exploration and production law.

The change would provide tax breaks for importing machinery and heavy equipment to be used during exploration.

- payin the bills -

Cairn Energy and Equinor, in partnership with the country’s state oil company Petronic, have a stake in four offshore exploration blocks (see map below). Equinor’s local manager Raúl Hurtado was present at the committee meeting.

Cairn recently said it was working with Equinor to mature multiple prospects and leads on newly acquired seismic in Nicaragua with the possibility of a well as early as 2020.

The population and environment committee of Panama’s national assembly approved two water protection draft bills.

- paying the bills -

One initiative would establish a regulatory framework to guarantee the sustainability, quality, and quantity of water resources through integrated management.

The other proposed legislation would declare the Santa María river basin as a protected hydrological reserve that supplies the provinces of Veraguas, Herrera, Los Santos, and Coclé.

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