Latvian Government to Allow Onshore Exploration
The Latvian government has made several changes in a number of regulations governing exploration and production tenders. The Latvian Economics Ministry has said that onshore exploration for oil and gas will now be allowed in the country. Previously oil and gas exploration was only permitted offshore.
The Economics Ministry estimates that there may be close to 63 million barrels of oil in the country.
Companies that earlier announced plans to explore for oil onshore in Latvia include: Hunt Oil, Anadarko, CalEnergy Gas Ltd., EDC Ltd., JKX Oil and Gas, Rockford Energy, Northern Petroleum, Oljeprospektering AB, GotOil Resources Ltd., GX Technology Ltd., Minijos Nafta, Petrobaltic, OOO Energija, and OOO P.L.E. However, due to the absence of regulatory support their attempts to receive licenses were unsuccessful.