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World Industry News

Nicaragua protests Colombia licensing Caribbean concessions

(6/25/2010 - OGI: Caracas) Nicaragua's Ministry of Energy and Mines has formally protested the award by Colombia of exploration rights to two blocks in the Caribbean Sea that are claimed by both countries.
Veronica Artiles, oil development director at the Ministry, said today that sovereignty over the two blocks is currently in litigation with the International Court of Justice in the Hague and cannot be awarded by either country until the dispute is settled. She said that Colombia's Ministry of Mines and Energy has awarded the Colombian national oil company, Empresa Colombiana de Petroleos (Ecopetrol) Blocks 1 and 5, the Cayo Blocks, which are near San Andres Island, in partnership with Repsol-YPF and the Argentine national company Yacimientos Petroliferos Fiscales (YPF) de Argentina.



Artiles said that Nicaragua maintains it has full sovereignty over Block 1 and part of Block 5. "Colombia cannot grant concessions on them until the case is resolved," she said.
Not only do Nicaragua and Colombia contest ownership of approximately 20,000 sq km of this section of the Caribbean, so do Costa Rica and Honduras, which have also filed claims with the International Court of Justice.

Click here for earlier report.

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