British firm hunting for oil off Honduras coast

Posted on 19 January 2014 by Priyanka Shrestha

British company BG Group is reportedly gearing up for oil and gas exploration on Honduras’ Atlantic coast.

Reports claim the authorities at Honduras, a republic in Central America, is to soon give the company an environmental license for an offshore block of 35,000 square kilometres.

The British firm is investing $20 million (£12.2m) for the first phase of the four-year project, searching for oil and gas deposits in the block.

BG Group was given exploration rights for four years in 2013, with the option of renewing it for two more years. It was also given drilling rights for 20 years.

Leave a Reply

Article source: