Statoil bags four licenses offshore Nicaragua


STAVANGER, Norway -- Statoil has been awarded four licenses offshore the Nicaraguan Pacific.

The licenses cover an area of about 16,000 sq km in the largely unexplored Sandino basin. Statoil will be the operator with 85% equity with the Empresa Nicaraguense del Petroleo (Petronic) participating with the remaining equity.

Nick Maden, Senior V.P. for Statoil's exploration activities in the Western Hemisphere, said, “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. This is a long-term opportunity with high subsurface uncertainty, but with impact potential. This position strengthens and develops a wide set of the optionality in Statoil’s long-term international portfolio.”

The license awards represent a country entry for Statoil into Nicaragua. Statoil enters in an early exploration phase and with a step-wise exploration programme. The initial work commitments during the first exploration phase of two and a half years include re-processing of 2D seismic, acquisition of new 2D seismic data and geology and geophysics (G&G) studies.

The information obtained from the initial studies and seismic survey will form the decision basis for Statoil’s next steps in the licenses.

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