Statoil will make its first moves into Nicaraguan waters after the country awarded the Norwegian explorer four licenses off its Pacific coastline.
The 29 May announcement came after meetings last September where delegates from Statoil and the state oil company, Empresa Nicaraguense del Petroleo (Petronic) signed cooperation agreements to explore Nicaragua's offshore.
The licenses awarded to Statoil cover 16,000sq km in the unexplored Sandino basin, Statoil said. The Norwegian explorer will serve as operator with 85% interest. Petronic holds the remaining 15% stake.
“Offshore the Nicaraguan Pacific is virtually untested and the awards of new acreage in this frontier area are in line with our exploration strategy of access at scale," said Nick Maden senior vice president for Statoil's exploration activities in the western hemisphere. "This is a long-term opportunity with high subsurface uncertainty, but with impact potential."
Statoil's initial work commitments during the first exploration phase, which will last 2.5 years, includes re-processing of 2D seismic, acquisition of new 2D seismic data, and geology and geophysics studies.
Following the initial studies and surveys, Statoil says it will then decide what its next steps will be.
Image: Nicaragua licenses/Statoil
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