Hydrocarbon
licensing
In
1995, an oil exploration and production licence was issued to
AMOCO/OPAB for operations in the SW Latvian offshore area, but that
licence still has not come into force due to the offshore border dispute
between Latvia and Lithuania. OPAB
is the present Licensee.
In
1997, the Cabinet of Ministers has approved the concept “The
establishment of the industry of development of oil resources and
establishment of oil industry in the Republic of Latvia”, which
envisages the licensing of oil prospecting, exploration and production
in Latvia, thus providing possibilities to participate in such
operations for both foreign and Latvian entrepreneurs.
Hydrocarbon
licensing in Latvia was initiated in 2001 by announcing the 1st
offshore licensing round.
In
July 2004, two licences for offshore hydrocarbon exploration and
production were issued.
A
licence for hydrocarbon prospecting will be issued in June 2008 for a
part of the Latvian offshore area.
The
Ministry of Economics plans to announce a competition for offshore
hydrocarbon exploration and production in June 2008.
In
April 2003, the Cabinet of Ministers accepted Amendments to all
Regulations regarding Hydrocarbon Pre-Investigation, Exploration and
Production, thus
allowing the oil companies or any other legal entities and physical
persons to propose licence areas both offshore and onshore.
Two
onshore hydrocarbon Exploration
and Production licences and one hydrocarbon prospecting licence were
issued in 2006.
The
responsible institution
The Ministry
of Economics, in compliance with the procedures envisaged by the
legal and administrative acts:
