Hydrocarbon
licensing
In
1996, 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. Oljeprospectering AB (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
offshore licensing in Latvia was initiated in April 2001.
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.
The
responsible institution
The Ministry
of Economics, in compliance with the procedures envisaged by the
legal and administrative acts:
