Statoil and partner Empresa Nicaraguense del Petroleo (Petronic) have secured licenses coving an area of 16,000km² in the Sandino Basin, offshore Nicaragua.
The lisences in the largely unexplored area will be operated by Statoil with 85% equity in partnership with Petronic, which would own the remaining equity.
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Statoil exploration activities in the Western Hemisphere senior vice-president Nick Maden 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."
According to the company, the licence awards represent a company’s entry into Nicaragua, which it enters an early exploration phase and with a exploration programme that will be performed in phases.
During the initial exploration phase that would be carried out for a period of two and half years the company’s work commitments include re-processing of 2D seismic.
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By GlobalDataAs part of the works, Statoil will also acquire new 2D seismic data and geology and geophysics studies.
Based on the information obtained from initial studies and a seismic survey, Statoil will take further steps for licenses.
The consortium of Statoil and Petronic submitted a request to the Nicaraguan Ministry of Energy of Mines (MEM) in September 2014 to request start of negotiations for concession contracts offshore Nicaragua’s Pacific coast.
Image: Statoil exploration activities in the Western Hemisphere senior vice-president Nick Maden. Photo: courtesy of Ole Jørgen Bratland.
