Statoil to explore off Nicaragua

September 5, 2014

Norway's Statoil and Nicaragua's DNP-Petronic signed a cooperation agreement for future oil and gas activities offshore Nicaragua's Pacific coast, it was announced on 3 September 2014. 

Statoil says that the consortium (Statoil and Petronic) also sent a request to the Nicaraguan Ministry of Energy and Mines (MEM) to request start of exclusive negotiations for concession contracts. This request is pending MEM approval, but a first step towards possible exploration activities offshore Nicaragua. 

Statoil spokesman Knut Rostad told OE, “We can confirm that Statoil has signed 1) a Petronic-Statoil cooperation agreement and 2) that the association (Petronic-Statoil) has sent a request to the Ministry of Energy of Mines (MEM) to open for negotiations for concession areas offshore Pacific coast of Nicaragua.” 

It was also reported separately, that UK-based geological and geophysical service company Geoex International signed a cooperation agreement with Petronic with the intent to conduct a 2D seismic survey covering an area of 32,000sq km off Nicaragua’s Pacific coast. 

Prior to this announcement, Statoil reported three previous announcements including the company's increasing presence in Colombia, and two failed drilling expeditions in both the US Gulf of Mexico and Angola.

Image of the Maersk Developer semisubmersible rig on Statoil's GoM exploration from Maersk

Read more: 

Statoil increases Colombian stake

Statoil moves on from Martin prospect

Statoil misses in Angola

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