BG Group, a UK based oil and gas exploration and production company, is awaiting an environmental approval from the authorities of Honduras to begin the search for hydrocarbons in the Central American country’s territorial waters.
The consent is expected to be granted today, according to BG’s executive Carlos Quintana, as reported by Reuters yesterday. He said that the company, upon the receipt of the approval, could begin the exploration works as early as next week.
BG Group took over operatorship of a 35.000 square kilometers area offshore Honduras in 2013. The area includes two basins, the Patuca Basin and the Mosquitia Basin.
According to BG’s previous reports, the company will first carry out gravity survey, with seismic data acquisition planned for 2015. BG will, as Reuters reports, spend around $20 million for the initial phase of exploration from 2014 to 2015.
There has not been any drilling offshore the Central American country in the last 30 years and therefore no application of either modern 3D seismic or well stimulation techniques. BG expects to drill the first well in mid-2016.
[mappress] Offshore Energy Today Staff, January 17, 2014