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Oil & Gas

Tuesday
19 Dec 2023

El Salvador Announces Reforms to Boost Oil, Gas Exploration

19 Dec 2023  by reuters   
El Salvador's state energy authorities announced on Monday that legal reforms to boost oil and gas exploration have been presented to lawmakers for approval.

The measures aim to lure investment and modernize the sector's legal framework in the country, the Central American country's energy authorities said in a statement.

Under the new framework, contracts would allow data firms to look into existing projects and then sell the information they gather to oil companies.

The government is seeking to enter into partnerships with experienced companies to map out the resources in the country and reduce costs, the statement added.

In 2008, El Salvador enacted a law that opened the doors for oil and gas exploration but there have been few recent projects.

El Salvador imports most of its fossil fuels, which power over half of the country's energy needs.

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