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Although oil concessions were granted in Honduras as far back as 1916, exploration did not begin until 1957 when international companies began to conduct geological surveys, magnetic and gravity surveys and acquired modest amounts of seismic data.
Around 10 exploratory wells were drilled onshore up to 1966 followed by 10 wells offshore up to 1979. All were dry or had minor shows with the exception of the Main Cape-I offshore well from which 15 barrels of oil were recovered. No offshore wells have been started since 1979.
Since 2009 a number of international companies have expressed interest in exploration, particularly in the northeast offshore Mosquitia and Patuca Basins. Contracts were delayed as a new hydrocarbon law was written but initial exploration activity was beginning in 2013 when the oil price began to decline. No drilling has yet been conducted and Globalshift forecasts no oil or gas production from the country in the short or medium term.
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