By the OGJ Online Staff
LONDON, May 2 -- The Republic of Latvia plans to launch its first oil and gas licensing round for exploration acreage in the Baltic Sea.
The ministry of economy will offer seven permits for exploration and drilling and 66 blocks for "preinvestigation."
Preinvestigation licenses must be applied for by Oct. 31, while the deadline for bidders for exploration licenses is Jan. 25 next year.
The licenses for preinvestigation would be for 2 years, said the ministry, with the potential for the term to be extended by 5 years. E&P permits will be granted for 30 years, inclusive of an up to 5-year exploration phase.
The ministry noted that the Latvian state would retain a 10% stake in all awarded licenses, with the licensees subject to a 25% corporate tax and an oil royalty ranging from 2-12%.
