Worldwide Energy News - Article

Bid round possible for 3rd quarter 2008 - Honduras

The Honduran government could launch a hydrocarbons E&P round in the third quarter of 2008. Impetus was gained for the round following the resolution of a border dispute with Nicaragua in 2007. A seismic program is scheduled for the first quarter 2008 and negotiations are underway with a potential seismic contractor. The seismic and subsequent evaluation work is expected to take about eight months to complete and companies will be given eight months or so to review data once the round is launched. A promotional event is scheduled for January 2008 in Houston. On 15 March 2007, the Direccion General de Energia (DGE) and JGI, Inc. of Japan held a Geological Seminar in Houston highlighting the hydrocarbon potential in the Central American country. Two identical half-day sessions were conducted and attendees included representatives from Shell, Total, ExxonMobil, EOG Resources and Murphy. While no specific information was released concerning a potential bid round, it is speculated that offshore blocks are being determined for a possible offering following the approval of a new petroleum law which is expected in 18 months.

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