President Daniel Ortega's predecessor, Enrique Bolanos, granted the company a 988,000-acre concession, but a court threw out that agreement after provincial leaders said national officials had not considered the impact exploration would have on fishing and tourism.
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Nicaragua & MKJ Xploration Agreement
Official sources said Wednesday that Nicaragua has closed a contract with the U.S. oil company MKJ Xploration to develop and explore oil and natural gas fields off its Caribbean coast
Official sources said Wednesday that Nicaragua has closed a contract with the U.S. oil company MKJ Xploration to develop and explore oil and natural gas fields off its Caribbean coast.
Under the six-year deal, a subsidiary of the Metairie, Louisiana-based company will be exploring for oil about 60 miles from the shore in Caribbean waters. It will be provided with a 30-year contract to produce oil and natural gas if it finds anything.
President Daniel Ortega's predecessor, Enrique Bolanos, granted the company a 988,000-acre concession, but a court threw out that agreement after provincial leaders said national officials had not considered the impact exploration would have on fishing and tourism.
President Daniel Ortega's predecessor, Enrique Bolanos, granted the company a 988,000-acre concession, but a court threw out that agreement after provincial leaders said national officials had not considered the impact exploration would have on fishing and tourism.
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