Nicaragua exploration for oil in the Caribbean

By Finance

Nicaragua had a dispute with Colombia over the right of exploration for oil in the Caribbean Sea. The dispute was decided of an international court which granted the right of Nicaragua to start exploration of the seabed.

Energy and Mines Minister Emilio Rappaccioli informed some days ago that the seabed where exploratory work will take place in an area with one of the largest barrier reefs in the Americas. Тhe U.S.-based company Noble Energy has been chosen to do all the work.

The International Court of Justice gave the right for oil exploration to Nicaragua, a year ago, a large horseshoe-shaped area of the sea and seabed surrounding a group of tiny islands that the court granted to Colombia.

There are fears of specialists that the process of drilling will destroy the environment.
The Caribbean region is known for one of the largest oil production areas in the world with production of 170 million tons per year. Countries in the region also have developed fishing industry. Statistics shows half a million metric tons of fish a year.

Human activity is responsible for the pollution of the environment. The Pan American Health Organization informed that in 1993 only about 10 percent of the sewage from the Central American and Caribbean Island countries is properly treated before being released into the Sea.