This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Nicaragua: Repsol To Explore For Oil Off Coast

By LUIS MANUEL GALEANO

MANAGUA, Nicaragua (AP) â¿¿ Spain's Repsol is interested in exploring for oil off Nicaragua's Caribbean coast and its explorations could include waters that were recently awarded to the Central American country by an international court, an official said Wednesday.

Nicaraguan Energy and Mines Minister Emilio Rappaccioli said Repsol has already submitted an official request to the Nicaraguan government and it has started doing some preliminary studies.

The company is exploring some areas in order to assess the feasibility of searching for oil there and once that's decided they will determine where to conduct more in-depth searches, he added.

"The preliminary studies have been done in the north (part of the Caribbean), but respecting the areas that cannot be touched for environmental reasons," Rappaccioli said.

He said Nicaragua would allow Repsol to look for oil in the waters the International Court of Justice awarded them last month after ruling on a dispute over territory with Colombia.

"For us (the judgment and the new limits) are a reality," Rappaccioli said. "Colombia should have heeded (the court's decision) without doubt or discussion."

The court on Nov. 19 affirmed Colombian sovereignty over a group of tiny islands off Nicaragua but also granted a large swath of the surrounding sea and seabed to Nicaragua.

Those waters are valued for potential oil and gas deposits beneath them but Colombian President Juan Manuel Santos, under pressure from environmentalists, had placed a moratorium on exploratory drilling in the area.

The court's decision affecting the San Andres and Providencia archipelago is final and not subject to appeal.

Tensions spiked in the area after the decision was announced and Nicaraguan fishermen complained that Colombian military frigates and helicopters were harassing them in the newly acquired waters.

The archipelago is home to one of the largest barrier reefs in the Americas, the 100-square-mile (255-square-kilometer) old Providence reef. The rich marine habitat was declared a UNESCO Biosphere Reserve in 2000. The reef is part of Colombia.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,880.36 -31.75 -0.19%
S&P 500 1,970.07 +0.12 0.01%
NASDAQ 4,462.9020 +20.2040 0.45%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs